Malaysia will continue to improve to attract international business communities here

KUALA LUMPUR: Malaysia, which was ranked at 6th spot in the Ease of Doing Business Report 2014, will continue to improve and be competitive to attract international businesses to the country and facilitate them in doing business here, said Secretary-General of Ministry of International Trade and Industry Datuk Dr Rebecca Fatima Sta Maria.
"We keep improving to remain competitive. There is a need for the implementation of good regulatory practices to address the gaps in the regulatory management system. It is also crucial for economies in the region to standardise their regulatory and rule-making processes with a greater emphasis on public consultation," she told reporters after officiating a workshop on "Towards Responsive Regulatory Regime and Good Regulatory Management Practices in Asean and East Asia: Experiences, Challenges and Way Forward", here Friday.
She said good regulatory practices affect the competitiveness of the Malaysian economy, as is evidenced from the global competitiveness report released by the World Economic Forum, where Malaysia's success in facilitating business saw it rise to become the 20th most competitive country in the world.
Dr Sta Maria said the Special Taskforce to Facilatate Business (Pemudah) continues to undertake public-private sector engagement to institutionalise reforms that enhance the ease of doing business in Malaysia.
"No doubt, the journey towards good regulatory management is a daunting and challenging task. However, it can be accomplished if they are able to see its benefits. The approach that Malaysia did is very much factual or objective based," said Malaysia Productivity Corporation director general Datuk Mohd Razali Hussain.
"We did data collection; gathered the right data from the right target group. We did the analysis and baseline study out of it. We will then be able to get the support of all involved when they see the benefits not only to the business communities but also to the regulators themselves, which include improved process, reduction in cycle time, removal of unnecessary compliance costs and administrative procedures," he said.
Mohd Razali said Malaysia's performance in the 10 areas of doing business showed significant improvements in starting a business, dealing with construction permits, getting electricity, trading across borders, enforcing contracts and resolving insolvency over the years.
He said although significant improvements were shown in many areas intensified efforts are still required.
"The government is well aware that there is still much that needs to be done despite the positive increase in the ranking," he added.