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OECD Acknowledges Malaysia's Efforts In Transforming Economy, Says Mustapa

The Organization for Economic Co-operation and Development (OECD) has acknowledged Malaysia's efforts and ongoing initiatives to transform the economy and provide a conducive investment climate that is pro-business, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. He said the OECD also recognized the introduction of comprehensive policies including the New Economic Model, the Government Transformation Programme and the Economic Transformation Programme, as well as, work to improve the delivery system that has contributed to Malaysia's economic growth. "They recognize our best practices in the promotion and facilitation of investment through investment promotion agencies such as the Malaysian Investment Development Authority, which is cited as one of the best promotional agencies in Southeast Asia," he told reporters here Wednesday after launching the Investment Policy Review Report on Malaysia. The review was undertaken by OECD together with the Asean secretariat supported by the Asean-Australia-New Zealand Free Trade Agreement Economic Cooperation Support Programme and the Japanese government. Present were Japanese Ambassador to Malaysia Shigeru Nakamura and Head of OECD Investment Policy Reviews Dr Stephen Thomsen. Mustapa, citing the review, said the approach to reforms have been characterized by gradualism and pragmatism although Malaysia's transformation agenda had often been associated with economic crisis. The review also found that Malaysia had good and systematic corporate governance, regulated by various rules and laws. In order to enhance the investment climate, Mustapa said the report recommended further liberalization of the services sector and improvements to the intellectual property regime. It also proposed strengthened cooperation between industry and higher education institutions to overcome shortage of skilled workers and sustained momentum to ensure successful implementation of reforms in corporate governance. Meanwhile, he said the ministry would focus on promoting investments, both domestic and foreign, in high value-added activities and niche areas to achieve the goals of the transformation agenda. "We will continue to promote the development of key areas and create an environment for innovation and, research and development. "These will be further augmented with effective enforcement of better intellectual property laws and enhanced entrepreneurial skills besides promoting the development of small-and-medium enterprises," Mustapa said. Source: http://www.bernama.com.my/bernama/v7/newsindex.php?id=996577

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