The goverment, through Special Task Force to Facilitate Business (Pemudah) platform, is drafting a document entitled “New Deal For Business” (NDFB) to boost business confidence, stimulate economic growth as well as drive national digital transformation.
Pemudah is a platform for industry players and the government that provides convenience in business dealings.
Economy Minister Rafizi Ramli said the implementation of NDFB will have an impact to foreign and domestic investments, job creations as well as improving the country’s gross domestic products.
“It is also in line with the Ekonomi MADANI’s aim to put Malaysia amongst 12 most competitive economies in the world as well as increase Malaysia’s Business Confidence Index this year and in the coming years,” he said.
The document, he added, is expected to be presented to National Economic Action Council (MTEN) in March 2024, followed by the implementation of a few pilot projects before its launching in June 2024.
Elaborating on the document, Rafizi said it will entail government’s commitment in resolving issues to improve business environment by addressing structured and situational challenges.
“The focus is on structural reforms towards dealing with bureaucratic red tape, inefficient regulations and and undue regulatory burden faced by investors and businesses while doing business in Malaysia.
“The approach by Government Technology or GovTech Malaysia will be one of the main method in realizing the implementation of structural changes and increasing the efficiency of processes.
“Dashboard performance monitoring at the Federal level, including at the state and local level to measure reform initiatives will be overseen by Pemudah.
“At the same time, the assessment of local government authorities (PBT) will be made to assess the competitiveness and ability of PBT to transform processes and regulations to encourage industrial growth,” Rafizi said.
He added among the issues the document will focus on is the difficulty in complying with regulations in various agencies to register businesses, complexity in obtaining a construction permit that includes various layers of government as well as lack of integration in utility connectivity and international trade affairs.
