PUTRAJAYA Nov 29 ― Information on Malaysia's regulatory reform journey is now compiled and published in the inaugural Annual Report on Modernisation of Regulations 2016 launched today.
Published by the Malaysia Productivity Corporation (MPC), among the highlights of the report include overview of Malaysia's regulatory management system, progress of Regulatory Impact Assesment (RIA) application, modernising business licensing, selected removing unnecessary regulatory burden (RURB) projects and annual regulatory plans of federal ministries and agencies.
In his speech during the launch of the annual report here today, Chief Secretary to the Government, Tan Sri Dr Ali Hamsa said the report would encourage greater adoption of good regulatory practice (GRP) and ensure quality regulatory environment that was supportive of a more responsive and dynamic economic growth in Malaysia.
“This report also incorporates the publication of the Annual Regulatory Plan which will assist in the dissemination of information on the government's proposed regulatory actions.
“Stakeholders can become familiar with the government's regulatory plan and can be better prepared to participate more effectively and provide valuable input into the regulatory process,” he further said.
MPC, in a statement on the launch said according to the annual report, although regulatory changes had been an essential part of administrative modernisation, recent efforts in regulatory reform signalled a more concerted drive in recognition of the impact of the changes to the economy.
It added that the initial journey saw Malaysia taking up the challenge in response to the World Bank's Doing Business Report 2007 which served as useful guide for focussing efforts in pursuing efficiency-driven changes in the regulatory environment affecting business.
The government, under the 10th Malaysia Plan, in response to increasing global competition, intensified its regulatory reform efforts by entrusting MPC with the responsibilities to undertake improvements to the regulatory environment via public-private collaboration.
This is by reviewing existing regulations with a view to removing unnecessary regulatory burden and compliance costs, and undertaking regulatory impact assesment of new policies and regulations to assess impact on the economy. ― Bernama