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Malaysia ranks 12th in the World Bank's Doing Business Report

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Malaysia ranks 12th in the World Bank's Doing Business Report Others

KUALA LUMPUR: Malaysia is ranked 12th with 81.50 points amongst 190 global economies in the World Bank Doing Business 2020 Report, recording an improvement from 15th position in the previous year.
International Trade and Industry Minister said Malaysia’s improved performance in the Doing Business 2020 Report was a testament of the ongoing reform initiatives to enhance competitiveness, productivity and governance in the ease of doing businesses.
The survey regulations governed business activities in the economies, which are then ranked according to their ease of doing business scores based on quantitative indicators of the regulations.
“The report measures the processes for business incorporation, getting a building permit, obtaining an electricity connection, transferring property, accessing to credit, protecting minority investors, paying taxes, engaging in international trade, enforcing contracts and resolving insolvency,” he said.
The Doing Business Report advocates regulatory quality and efficiency by instituting reforms.
He said the Special Task Force to Facilitate Business (PEMUDAH) with its members comprising senior government officials and private sector business leaders, initiated the regulatory reforms within the Doing Business indicator areas in Malaysia.
“This public-private partnership resolves regulatory issues and introduces reforms through its technical working groups to facilitate the ease of doing business and enhance competitiveness and productivity,” he added.
PEMUDAH was restructured in 2019 with improvements in its functions, organisation and operation for a leaner approach to expedite the resolving of issues as well as to reinvigorate its membership with broader industry expertise and greater wealth of experience to critically examine issues and drive the implementation and monitoring of regulatory reforms.
Darell said the achievement was on the back of the public and private sector members’ collaboration and commitment within the technical working groups under PEMUDAH to improve ease-of-doing-business environment.
“This was supported by strong leadership from PEMUDAH and advisory contributions from the World Bank Group.
“Malaysia Productivity Corporation (MPC) as the Secretariat of PEMUDAH works closely with the respective technical working groups to initiate and monitor the implementation of the various improvement initiatives,” he said.
PEMUDAH consistently launches improvement initiatives that impact positively on the ease of doing business by promoting regulatory efficiency, productivity and good governance.
The recent launching of the Unified Public Consultation Portal (UPC) is part of the Good Regulatory Practice (GRP) agenda which enables the details of proposed regulations to be disseminated online to stakeholders and the general public, and for feedback and constructive suggestions in formulating more effective regulations.

source News straits times

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