World Bank: Malaysia Moves Up In Ease Of Doing Business
KUALA LUMPUR, Nov 4 (Bernama) -- Malaysia has moved up to 21st position in the World Bank Doing Business Report for 2011.
The report, released today, ranks 183 countries in terms of the ease of doing business and marked Malaysia's improvements from its 23rd position in 2010.
This signalled that the rigorous institutional strengthening in the public and private sectors has led to improvements in the business environment, according to the Special Task Force to Facilitate Business (Pemudah).
"Whilst the improvement in this years ranking is encouraging, strengthening of our public and private sectors must continue even as rankings improve," said Pemudah's co-chair Tan Sri Mohd Sidek Hassan, who is Chief Secretary to the Government.
"We must set new benchmarks in the markets as events of the recent past have shown that even the most competitive of nations suffered significantly from the global economic crisis," he said in a statement.
The report recognised the initiatives Malaysia has put in place in enhancing the business environment, according to Pemudah.
"Specifically the report highlighted the significant improvements in enforcing contracts and that case disposals at the courts are moving considerably faster," it said.
Malaysia showed improvements in the online procedures for starting a business, speedy registration of properties and notable ease in tax procedures, especially with the introduction of online tax submissions, Pemudah said.
The report also highlighted that Malaysia ranked second best for importing, while for exporting it cost the least to move a 20-foot container, it added.
"The private sector has an enormous responsibility in the making of these rankings. The innovativeness of our industries and the efficiency of service delivery in the private sector must be comparable to global standards," said Pemudah's co-chair Tan Sri Yong Poh Kon.
"Rankings are not solely dependent on public sector alone. It is a reflection of all market constituents," Yong said.
"These rankings highlight where Malaysia must place more focus and we must collectively view these rankings as a continual push for Malaysia to be globally competitive," he added.
The improvement in rankings came on the heels of Newsweek magazine's recent announcement that Malaysia is the 37th best country in the world and Legatum Prosperity Index, a London-based analytical centre, ranking Malaysia as the 43rd most prosperous nation.
In September this year, Malaysia was ranked 26th on the World Economic Forum (WEF) Competitiveness Ranking, with the country's aggregate score remaining fairly stable, up slightly at 4.88 from 4.87 last year.
Earlier this year, Malaysia made a significant leap in the IMD World Competitiveness Yearbook, moving up eight places and becoming the 10th most competitive nation in the world.