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KUALA LUMPUR: The ease of doing business in Malaysia remains a concern as some investors have to wait for a long period for approvals from the respective authorities.
Prime Minister Datuk Seri Anwar Ibrahim said the cabinet would present updates on the major investments during its meeting tomorrow.
"For the first time, for the cabinet meeting, I have asked for a report on five, six companies to find out when the approval in principle was issued, the time taken, reason given and the final approval.
"Despite all the economic policies, with the Madani (framework); and still some investors having to wait for two years for the EIA (Environmental Impact Assessment) approval and six months for other approvals," he said when citing an example of this occurrence in his closing address at the 2023 Khazanah Megatrends Forum (KMF).
Anwar, who is also Khazanah chairman, however assured that matters such as environmental concerns and government policies would not be compromised in approval issuance.
He said there had been an increase in interest to invest in the country in the last few months.
He said there were still concerns in easing of business, with cabinet consistently discussing on it.
With clarity of policies, however, Anwar said he was rather optimistic of the outcome of future.
"We have to first acknowledge that we have ecountered difficulties due poor governance and corruption.
"If we accept that, we can have the confidence to forge ahead with clarity of policies such as Madani framework, energy transition, industrial master plan and recently the 12th Malaysia Plan mid-term review, which we had departed from the traditional way of reviewing the plan."
Anwar had during his four-day visit to New York recently highlighted companies voicing the frustrations with regard to the slow decision-making processes.
As more global companies are looking at expanding their investments, he said the authorities must cut through red tape and strive to improve the ease of doing business.
Themed "Our Next Episode: Orchestrating A New Development Bargain for Sustainable Growth", the forum reaffirms its dedication to the United Nations Sustainable Development Goals (SDGs) by giving importance to conscientious event management and gathering information regarding transportation emissions.
A total 29 speakers of diverse backgrounds shared their ideas and insights at the two-day event. There were four panel discussions examining the theme from the perspectives of markets, firms, society and people, in addition to other sessions.
Source: https://www.nst.com.my/news/nation/2023/10/962653/ease-doing-business-still-concern-cabinet-update-progress-major