Malaysia ranks 12th in World Bank Doing Business 2020 report

FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund World Bank Annual Meeting 2018 in Nusa Dua

KUALA LUMPUR: The World Bank Doing Business 2020 Report has ranked Malaysia in 12th position amongst 190 economies worldwide, a further improvement from the 15th spot the previous year, says the International Trade and Industry Ministry.

Minister Datuk Darell Leiking said the improved ranking was due to the public and private sector members’ collaboration and commitment within the technical working groups under the Special Task Force to Facilitate Business (PEMUDAH) to improve the ease-of-doing-business environment.

"This was supported by strong leadership from PEMUDAH and advisory contributions from the World Bank Group.

"Malaysia Productivity Corporation (MPC) as the Secretariat of PEMUDAH works closely with the respective technical working groups to initiate and monitor the implementation of the various improvement initiatives,” he said in a statement.

Darell said PEMUDAH consistently launches improvement initiatives that impact positively on the ease of doing business by promoting regulatory efficiency, productivity and good governance.

He said Malaysia’s improved performance in the Doing Business 2020 Report attests that the on-going reform initiatives are on the right track to further enhance competitiveness, productivity and governance in the ease of doing business as well as to promote investments, which will accelerate national economic development and prosperity.

The Doing Business Report surveys regulations governing business activities in the economies which are then ranked according to their ease of doing business scores based on quantitative indicators of the regulations.

The report measures the processes for business incorporation, getting a building permit, obtaining an electricity connection, transferring property, accessing credit, protecting minority investors, paying taxes, engaging in international trade, enforcing contracts and resolving insolvency. - Bernama

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