Prime Minister Datuk Seri Ismail Sabri Yaakob, who said this, noted that the business legislation indicator showed a significant declining trend over the last decade, from 19th place in 2010 to 47th place in 2021.
This is a strong call for regulatory reform. We must do something. To achieve the target, the EBP approach must be encouraged.
“EBP will be applied in the planning, evaluation and monitoring mechanism in order to ensure a comprehensive structural update for sustaining productivity and economic growth,” he said in his speech today at the virtual launch of the National Conference on Good Regulatory Practice (GRP), an event that marked the climax of the GRP Month that began on Oct 25.
Malaysia was placed 25th in IMD World Competitiveness rankings for 2021, up from 27th spot last year. Under the 12th Malaysia Plan (12MP) (2021-2025), Malaysia is targeting to rise to among the top nine economies in the Government Efficiency sub-index.
Ismail Sabri said the “whole-of-government” approach that emphasised close and integrated cooperation among ministries, agencies and departments was the foundation for GRPs implementation.
Not only that, but the participation of the private sector, industry and business community in GRP will also be enhanced.
“The principles, elements and processes in the GRP approach must be adopted by all ministries and administrative agencies in drafting and reviewing policies and regulations,” he said.
Ismail Sabri said GRP elements, including Regulatory Impact Analysis, Cost-Benefit Analysis and Regulatory Notification Evaluation, must be done carefully and the data and information included must prove that the regulatory actions actually led to the peoples well-being.
I am fully supportive of the initiative to develop quality regulations to realise this agenda as planned in the 12MP.
I am also confident that the mandate given to the Malaysia Productivity Corporation to spearhead the updating of regulations will be carried out responsibly in facilitating the GRP implementation.
“We are moving in a single direction — improved productivity, a growing economy and a prosperous nation,” he added.
Ismail Sabri stressed that quality policies and regulations would facilitate business operations, enhance transparency and minimise burden in terms of cost and resources.
“Industries can grow with better dynamism and flexibility to remain competitive,” he said. — Bernama
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