Consolidate trade activities to reduce red tape, says Dr M

Prime Minister Tun Dr Mahathir Mohamad said on Tuesday US prosecutors had promised to help return money that Goldman Sachs charged for its dealings with troubled Malaysian state fund 1MDB.

KUALA LUMPUR: Malaysia’s efforts in promoting trade activities must be consolidated to reduce bureaucracy and avoid overlapping, says Tun Dr Mahathir Mohamad. 

The Prime Minister said there are many agencies in the country playing the same role in promoting trade. 

“Currently there are many ministries and agencies involved in various export promotion programmes in the overseas market.

“There are bound to be redundancies and overlaps.

“We should be prepared to give up or share responsibilities in order to reduce bureaucratic procedure,” he said at the Malaysia External Trade Development Corporation’s (Matrade) 25th anniversary gala dinner on Monday.

Dr Mahathir also emphasised on the importance of bolstering trade with developing nations as doing business with such countries is “profitable”.

To do so, he added, Matrade has to invest in big data analytics to discover and fulfil the wants of consumers.

“I must emphasise that Matrade must be more than just a trade promoter but rather a data-driven organisation for its promotion activities,” he said.

The Prime Minister's speech was read by International Trade and Industry Minister Datuk Darell Leiking.