World Bank Ease of Doing Business Report 2014
1. Malaysia has achieved a significant surge to 6th position among 189 economies in the latest World Bank Doing Business 2014. Malaysia has achieved this well-ahead of its target to be among the top 10 by 2015. At 6th position, Malaysia has been placed in the same league as Singapore, Hong Kong, New Zealand, United States and Denmark. This ranking also places Malaysia ahead of economies such as the Republic of Korea, Norway, United Kingdom, Australia and Finland. Soon after Prime Minister Najib Razak assumed office, Malaysia was in 23rd place. The rise to 6th place is testament to his stewardship and a result of the economic and government transformation programmes.
2. Malaysia has achieved 1st position in Getting Credit and 4th in Protecting Investors six years in a row. In the area of Trading Across Borders, Malaysia made a breakthrough to 5th position. Other significant improvements made were in the areas of ‘starting a business’, ‘dealing with construction permits’, ‘enforcing contracts’, ‘resolving insolvency’, and ‘getting electricity’.
3. The World Bank further acknowledges that Malaysia is among the economies that improved the most across three or more doing business areas. Malaysia has made starting business less costly by reducing the company registration fees while in ‘dealing with construction permits’, the establishment of one-stop centres has facilitated construction processes.
4. Malaysia welcomes the World Bank findings. They are testament to the efforts made by both the public and private sectors to help Malaysia become a high income nation. The Task Force to Facilitate Business (PEMUDAH) has proven to be a platform where the public and private sectors collaborate to create a sense of urgency in improving Government service delivery, enhancing Malaysia’s competitiveness and ensuring business is facilitated efficiently.
5. Since its inception in 2007, Malaysia’s performance in the World Bank Doing Business has improved from 25th position to 6th position. This year is the country’s largest leap in its competitiveness ranking, reinforcing Malaysia’s position as a preferred destination for trade and investments among local and foreign investors. Notwithstanding this significant improvement, the Government is aware that there is no room for complacency.
6. As we move forward, we are seeking to do more, cogniscent of the competition that Malaysia faces both regionally and globally. Our central challenge will lie not only in addressing operational inefficiencies in service delivery but also in reviewing regulations to further reduce the burden of doing business in Malaysia.
Dato’ Sri Mustapa bin Mohamed
Minister of International Trade and Industry, Malaysia
29 October 2013