KUALA LUMPUR – The Malaysia-Australia Business Council (MABC) has called on the government to improve its reform policy and regulatory frameworks in an effort to attract more investors into the country.
“Embracing this goal will ensure that Malaysia remains at the forefront of international business standards and can continue to operate alongside and collaborate with the world’s major developed economies.
“This is critical for investors who are required to meet high destination market standards and quality assurance,” the council said in a statement.
MABC has also suggested that priority in attracting investors should be directed at bilateral chambers whose countries have significant inward investment and two-way trade with Malaysia.
“The government should include activities such as facilitating investors and members in business matching, investment matching, outward and inward trade programs, communication campaigns, business conferences and trade shows.
“This will significantly increase the capability and effectiveness of these organisations,” it said.
MABC also said the government should digitise and simplify market entry to increase investment and productivity in line with global trends.
“This will boost domestic market appeal, simplify business processes, and align with global best practices.
“This needs to be implemented at all levels of government, federal, state and local government, as these are the levels of government that typical investors are required to deal with for approvals and permits,” it said.
Additionally, MABC also called on the government to fit in with Australia’s high-level strategic plans as the role of Asean in Indo-Pacific and global supply chains becomes more important.
“The recent launch of Australia’s Asean strategy ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’ by Australia’s Foreign Affairs and Trade Department valued two-way trade between Australia and Malaysia at RM101 billion and two-way investment at RM91 billion for 2022.
“These figures highlight the strong economic benefit that greater collaboration with Australia can bring to Malaysia’s domestic prosperity,” the statement said. – October 11, 2023