G25 proposes sweeping economic and governance reforms in 92-page report

KUALA LUMPUR: Hoping to restore economic confidence in Malaysia, the G25 group of prominent Malays has launched "Invigorating Economic Confidence in Malaysia", a 92-page report containing proposals to reform key areas of the country's economy as well as its governance structures.

In his opening remarks during the launch, former Khazanah Nasional managing director Tan Sri Mohd Sheriff Mohd Kassim (pic) said that while the group was compiling the recommendations for economic reforms, it realised that there was a need for good governance.

"This will create confidence for investors and businesses to continue investing and create more employment opportunities, more wealth, income and social mobility, and creating a more balanced social order in the country," said Mohd Sheriff on Saturday.

The report's first part deals with structural economic and workforce issues, such as reforming the country's workforce and foreign labour policies to improve productivity and competitiveness among Malaysia's businesses.

Other proposals include reworking the country's taxation system, with the private sector giving its input, and being balanced out by further examination from international institutions such as the International Monetary Fund and the World Bank.

The group also touched on the role of government-linked corporations and government-linked investment corporations (GLCs and GLICs) in the country's economy.

One section of the group's report on structural governance touched on the 1Malaysia Development Berhad issue and the need for closure.

It said that even if there was no prosecution for wrongdoing, a full and comprehensive report on the GLIC's official status and its financial position would quell concerns.

Another proposal in the report involves reforming the Attorney-General's office, to separate the A-G's prosecutorial powers from his position as legal advisor to the Government.