The World Bank’s Doing Business Report 2020 sees Malaysia edges closer to top 10 economies – Darell Leiking

KUALA LUMPUR 24 October 2019 – Malaysia is rank at 12th position among 190 economies worldwide by the World Bank’s Doing Business 2020 Report this year. Last year Malaysia was at the 15th position.

The World Bank’s Doing Business Report 2020 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.

“The Doing Business Report advocates regulatory quality and efficiency by instituting reforms. The Special Task Force to Facilitate Business (PEMUDAH) with its members comprising senior government officials and private sector business leaders, initiates and drives 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.

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. ” said YB Datuk Darell Leiking, Minister of International Trade and Industry in a statement yesterday.

Darell also added that Malaysia’s 12th ranking in the Doing Business 2020 Report is due to the public and private sector members’ collaboration and commitment within the technical working groups under PEMUDAH to improve ease-of-doing-business environment.  Malaysia Productivity Corporation (MPC) as the Secretariat of PEMUDAH works closely with the 2 respective technical working groups to initiate and monitor the implementation of the various improvement initiatives.

The recent launching of the Unified Public Consultation Portal (UPC) by PEMUDAH 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.