Budget 2023: Govt to improve procedures of doing business, accelerate investment efforts

KUALA LUMPUR: The government will improve procedures of doing business to reduce bureaucracy, including providing incentives to local authorities to facilitate the implementation of approved procedures to ensure that investment efforts can be accelerated.

Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim said the Invest Malaysia Council and the National Committee on Investment will lead efforts to speed up the approval of high-potential investment projects.

Meanwhile, he said the Special Task Force to Facilitate Business (Pemudah) will be empowered as a facilitator of the investment climate and business environment.

"A Bank Negara study shows that the benefits of foreign direct investment are seen to be shrinking due to the availability of high incentives and low-value investments. Malaysia has more than 100 types of incentives and more than 30 investment promotion agencies.

"With the pattern of global change following the development of technology and climate change, the evolution of incentives in Malaysia is needed to support economic activities,” said the prime minister when retabling Budget 2023 in the Dewan Rakyat today. - Bernama