Malaysia has achieved a significant surge to sixth position from 12th among 189 economies in the ease of doing business, according to the latest World Bank Ease Of Doing Business Report 2014.
The sixth place ranking from 12 previously is also a testament of Prime Minister Datuk Seri Najib Razak's stewardship and the success of his economic and government transformation programmes, the Ministry of International Trade and Industry, said.
Its Minister Datuk Seri Mustapa Mohamed said that Malaysia was in 23rd place when Najib, who is also Finance Minister, assumed office on April 3, 2009.
Malaysia achieved this ranking well-ahead of its target to be among the top 10 by 2015, he said in a statement today on the report released today.
"At 6th position, Malaysia has been placed in the same league as Singapore, Hong Kong, New Zealand, the United States and Denmark.
"This ranking also places Malaysia ahead of economies such as South Korea, Norway, the United Kingdom, Australia and Finland," he said.
Mustapa said Malaysia had also achieved first place in getting credit and fourth in protecting investors six years in a row.
"In the area of trading across borders, Malaysia made a breakthrough to fifth position, and other significant improvements made were in the areas of starting a business, dealing with construction permits, enforcing contracts,
resolving insolvency and getting electricity," he said.
The World Bank, according to Mustapa had further acknowledged that Malaysia is among the economies that improved the most across three or more doing business areas.
It said Malaysia had made starting business less costly by reducing the company registration fees while in dealing with construction permits, the establishment of one-stop centres has facilitated construction processes.
"Malaysia welcomes the World Bank findings. They are testament to the efforts made by both the public and private sectors to help Malaysia become a high-income nation.
"The Task Force to Facilitate Business (Pemudah) has proven to be a platform where the public and private sectors collaborate to create a sense of urgency in improving government service delivery, enhancing Malaysia's competitiveness and ensuring business is facilitated efficiently," he said.
Since its inception in 2007, Malaysia's performance in the World Bank Ease of Doing Business has improved from 25th position to sixth position.
This year was the country's largest leap in the competitiveness ranking, reinforcing its position as a preferred destination for trade and investments among local and foreign investors.
"Notwithstanding this significant improvement, the government is aware that there is no room for complacency.
"As we move forward, we are seeking to do more, cognisant of the competition that Malaysia faces both regionally and globally.
"Our central challenge will lie not only in addressing operational inefficiencies in service delivery but also in reviewing regulations to further reduce the burden of doing business in Malaysia," Mustapa added.-- Bernama