MTEN: Govt drawing up anti-'Ali Baba' policy, expediting NETR initiatives - PM

Anwar, who is also Finance Minister, said the Ali Baba culture has a negative impact on the economy and the government is serious in dealing with and eradicating this activity.

"Estimated losses reach about one per cent of gross domestic product (GDP) and it comprises procurement, licencing, permit and quota issuance, and subsidy and grant issuance aspects.

"The Economy Ministry and Attorney General's Chambers, with the participation of ministries and government agencies, will study and draw up the appropriate legal policies and strategies to eradicate rent-seeking activities and present the proposals to the Cabinet," he said in a statement today.

Besides approving the establishment of an Anti-Ali Baba policy, the National Economic Action Council (MTEN) on July 10 also agreed to expedite the NETR initiatives as a strategic catalyst for turning Malaysia into a regional leader in renewable energy.

He said the pioneer flagship projects and NETR initiatives aim to boost industry participation in the government's new direction in exploring sources of renewable energy and shaping market demand, as well as identifying financial resources to bridge the project financing gap.