PM: Report tells real story of Malaysia’s economy

 A report on the competitiveness of nations, which ranks Malaysia 14th out of 61 countries, tells the real story of the country’s economy, said Datuk Seri Najib Tun Razak.

The Prime Minister said the Institute for Management Develop­ment’s (IMD) annual World Competitiveness Yearbook 2015 had ranked Malaysia ahead of the Netherlands, Ireland, New Zealand, Australia, Britain, South Korea and Japan.

“Despite some naysayers who wish to talk Malaysia down, this is the real story of our economy – years of record investments, sound fundamentals, diversification, reform, sustainability and inclusivity.

“These credible and influential reports highlighting Malaysia’s attractiveness as a preferred destination are testament to the private-public partnership, epitomised by Pemudah,” he said when launching the Special Task Force to Facilitate Business (Pemudah) Annual Report 2014 yesterday.

Najib added that as Malaysia begins the last lap of its journey towards becoming a high-income nation by 2020, the challenges had grown even larger in a globalised and hyper-connected world.

He said no country could insulate itself if it was to progress and prosper.

“The volatile price of commodities, the crisis within the Euro zone, shifting international balances of power, the spread of terrorism and climate change are just some of the threats we face today.

“Clearly, there is no room for complacency if we are to deliver on our promise of a peaceful, prosperous and progressive Malaysia for the generations yet to come, but I am equally confident that we, as Malaysians all, are up for this challenge.

“Our track record demonstrates that we can, and will, overcome whatever hurdles that are placed in our path,” he said.

Najib also highlighted several recent achievements by Pemudah, including initiatives to make it even easier to start a business.

He said name search and applications for registration process for a business could be done online – all within a day.

“Kuala Lumpur City Hall (DBKL) has reformed the processes involved in dealing with construction permits by reducing the number of processes from 15 to nine.

“The launching of the Kuala Lumpur Integrated Submission Be Efficient, Systematic & Transparent system by DBKL is a significant step in simplifying the obtaining of development approvals from DBKL.

“It provides benefits such as faster approvals, less holding costs, a single window and simplified procedures,” he added.