Making it easier for investors

  • Nation
  • Wednesday, 12 Jun 2019

PUTRAJAYA: Investors and businesses are finding it difficult to get permission to invest here.

As such, the government wants to reduce the red tape and regulatory costs to ease doing business in the country, said Tun Dr Mahathir Mohamad.

The construction industry, for example, has at least 60 processes to go through to get full approvals for a project, said the Prime Minister.

“So we are doing an assessment on this. We also have one-stop centres but even that does not expedite the processes.

“The Chief Secretary to the Government has been instructed to reduce the time taken for approval of any investment in the construction industry,” said Dr Mahathir in a press conference after chairing the Economic Action Council (EAC) meeting here yesterday.

“Of course, the other sectors are also affected but we want to reduce the processes so that we can expedite approval and therefore contribute towards economic growth.”

Dr Mahathir said the EAC was briefed on the processes that developers need to go through in the construction industry for housing projects.

Some projects take up to three years to be completed, he said.

“And this is cost to the developers because they need to (negotiate) for loans. All these will be studied.

“The Chief Secretary to the Government has been tasked with reducing the approvals needed and the processes of giving approval in each cases,” he said.

Dr Mahathir explained that the government is looking into coming up with a workflow chart of the entire processes in various sectors and to identify agencies related to the workflow.

“They (agencies) will have to do a certain number of things that will be listed and if they approve, they just need to put a tick and they shouldn’t care if other agencies approve or not,” he added.

In a press release, the EAC also said that emphasis would also be given to the tourism sector to stimulate the domestic economy and create more job opportunities, as well as increase foreign exchange earnings.

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