Posted on 30 Mar 2010
Malaysian Prime Minister Datuk Seri Najib Razak today unveiled a raft of economic measures that he said would propel this Southeast Asian country to developed nation status by 2020.
Following are some of the highlights of what he announced:
? State investor Khazanah to sell 32 percent stake in Pos Malaysia.
? To list stakes in two Petronas units.
? Facilitate foreign direct and domestic direct investments in emerging industries/sectors.
? Remove distortions in regulation and licensing, including replacement of Approved Permit system with a negative list of imports.
? Reduce direct state participation in the economy.
? Divest GLCs in industries where the private sector is operating effectively.
? Strengthen the competitive environment by introducing fair trade legislation.
? Set up an Equal Opportunity Commission to cover discriminatory and unfair practices.
? Review remaining entry restrictions in products and services sectors.
? Phase out price controls and subsidies that distort markets for goods and services
? Apply government savings to a wider social safety net for the bottom 40 per cent of households, prior to subsidy removal.
? Have zero tolerance for corruption
? Create a transformation fund to assist distressed firms during the refom period.
? Easing entry and exit of firms as well as high skilled workers.
? Simplify bankruptcy laws pertaining to companies and individuals to promoteo vibrant entrepreneurship.
? Improve access to specialised skills.
? Use appropriate pricing, regulatory and strategic policies to manage non-renewable resources sustainably.
? Develop a comprehensive energy policy.
? Develop banking capacity to assess credit approvals for green investment using non-collateral based criteria.
? Liberalise entry of foreign experts specialising in financial analysis of viability of green technology projects.
? Reduce wastage and avoid cost overrun by better controlling expenditure.
? Establish open, efficient and transparent government procurement process.
? Adopt international best practices on fiscal transparency.
