Malaysia boosts domestic investment for economic recovery

Kuala Lumpur (VNA) – Malaysian Prime Minister Ismail Sabri Yaakob has said the government will refine the proposals forwarded by the National Chamber of Commerce and Industry of Malaysia (NCCIM) aimed at especially strengthening the domestic direct investment (DDI), the most important element to revive the economy.
 
According to the PM, DDI, along with the empowerment of local authorities’ one-stop centres, were the key matters discussed at the third Economic Action Council meeting this year, he said.

The Economic Planning Unit (EPU) of the Prime Minister’s Department, the Finance Ministry, and the International Trade and Industry Ministry will refine the proposals, he said.

The NCCIM also proposed conducting studies on initiatives to reduce bureaucratic constraints by 50 percent; performing consolidation and coordination of investment incentives; re-engineering foreign labour management processes as well as preparing action plans to expand the network of small and medium enterprises with foreign direct investment (SMEs-FDI).

To boost the potential of DDI, the government will continue to be committed to improving the quality of local authority services, especially strengthening the implementation of OSC 3.0 to OSC 3.0 Plus to always be efficient, fast and transparent, the Malaysian news agency Bernama quoted the PM as saying in a statement.

According to the PM, OSC 3.0 Plus is a complete and uniform procedure based on current laws to regulate and facilitate the development process in local authority areas until the building is eligible to be occupied using fully digital applications in all 98 local authorities in Peninsular Malaysia.

Ismail Sabri also said that the country’s economic recovery process is now at its best and the government is committed to ensuring that DDI continues to be stimulated by taking an approach to simplify the affairs of industry players./.