Malaysia ranked 12th most competitive country: World Bank

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PUTRAJAYA: Access to credit and security for investors are the main factors that have enabled the World Bank to recently push up Malaysia to the 12th position in the list of most competitive and business friendly countries in the world.

Deputy Finance Minister Datuk Dr Awang Adek Hussin said Malaysia’s position in the list, which has been improving every year, has indirectly given a push to civil servants, especially those in the Finance Ministry to excel in their duties to enhance further the country’s position.

He said the Doing Business 2013 report published by the World Bank recentlyhad also among others acknowledged Malaysia as the best country in the world interms of providing access to credit, and the fourth best in the world in termsof providing safety for investors.

Foreign investors coming to Malaysia also feel that they are protected by the existing laws and regulations in the country, besides the good monitoring by regulatory bodies like Bank Negara and Securities Commission.

“There are also other aspects indicating good progress that will enable thecountry to reach even a higher level in the state,” he said at a press conference following the launch of the ministry-level Innovation Day here today.

Earlier in his speech, Awang Adek also said in 2010, Malaysia had beenplaced 23rd in the list, while last year it came further up to the 18th spot, and this year’s 12th placing has been the best so far.    He said the report was drawn up following the World Bank’s studies on 185 economies.

Among factors taken into account during the study included the ease of doing business, approval of license, tax issues and cross border trade.

Malaysia was successful in improving its competitiveness in five areas ofdoing business, namely in the supply of electricity which went from 59th placing to 28th placing, registration of real estate (from 59th to 33rd placing), taxation (from 41th to 15th placing), cross border trade from 29th to 11th placing and construction permit facilitation from 113th to 96th placing.

Awang Adek said in its efforts to achieve a developed nation status,Malaysia cannot avoid becoming a highly productive country which can be achievedif there continues to be culture of innovativeness especially in the governmentdelivery system.

He said Malaysia can be seen to be taking the right steps to position itselfwell in order to achieve its developed nation status aspiration, something that has been acknowledged by various parties as well.

Also present at the event were Treasury Secretary General Datuk Seri Mohd Irwan Serigar Abdullah and the Deputy Secretary General, Datuk Nazirah Bahari.–Bernama