Effective regulations needed to realise Budget 2021

BUSINESS as usual will no longer work and regulators will need to assist businesses with effective regulation as part of the new norms, said Malaysia Productivity Corporation (MPC) Director General Datuk Abdul Latif Haji Abu Seman.

“We need to ensure our economy continue to grow, with job creation and business continuity during this period of intense uncertainty,” Abdul Latif said.

To achieve this, we need effective regulation that would continue to drive investments, strengthen strategic sectors, particularly medical devices, e- commerce, logistics and education technology, as well as improve access to financing,” he added.

From the perspectives of improving public policy, he said Malaysia’s Good Regulatory Practices (GRP) agenda continues to be relevant to restore economic growth, enhance productivity and the country’s competitiveness.

“GRP efforts on improving quality of new regulation through Regulatory Impact Analysis (RIA) and reviewing existing regulation will reduce the regulatory cost of doing business, help improve the business climate and support trade and investment,” he stated.

“We urge all level of governments at federal, states and local governments’ commitment to implement good regulatory practices and relook into the current regulatory delivery processes, and if required, to re-engineer to be more agile, simplify and lower compliance costs without compromising public safety, health, environment and public goods to facilitate and speed up the government’s service delivery process to achieve Budget 2021 goals,” he concluded. – Nov 16, 2020

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