Quality regulations will boost Malaysia's position as preferred investment destination - Azmin

KUALA LUMPUR: Quality regulations will create a conducive business environment and boost Malaysia's position as a preferred investment destination as well as international trade partner, said Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.

He said the good regulatory practices (GRP) and behavioural insights (BI) methods complemented the quality regulations as emphasised in the 12th Malaysia Plan.

"Towards realising this agenda, the Malaysia Productivity Corporation (MPC) is committed and active in developing the competency of policymakers and members of the civil service in adopting GRP and BI for drawing up and reviewing regulations," he said in his welcome speech at the National Conference on GRP held virtually today.

Mohamed Azmin said Budget 2022 had allocated a RM2bil special strategic investment fund to attract foreign investments from multinational corporations.

"Budget optimisation must be supported by investor-friendly policies and regulations, especially for the business operation start-up process, such as in construction permit application and approval matters," he said.

The senior minister said among the latest efforts undertaken by MPC is the E10 initiative or Express Construction Permit, which has been extended to Pahang in a bid to facilitate the entry of high-impact investments.

"(By expanding the E10 initiative nationwide,) the effect is simultaneously reducing the income and development disparities among territories and states as targeted under Shared Prosperity Vision 2030," he added.

Furthermore, he said, MPC was working with other ministries and agencies to reduce unnecessary regulatory burdens through the MalaysiaMudah (#MyMudah) programme.

"In order to restore and stimulate the country's economy for the well-being of the Malaysian Family, I call on the entire government administrative machinery to redouble innovation and reform efforts in the national regulatory ecosystem," he added.

-- BERNAMA