Proposals to spur domestic investment will be studied, says PM

PETALING JAYA: Proposals mooted by businesses to spur domestic investments (DDI) will be studied by the government, says Prime Minister Datuk Seri Ismail Sabri Yaakob.

"The country has entered the 'Transition to Endemic' Phase and DDI is an important element for economic recovery," he said in a statement on Monday (April 25).

"On that note, the Economic Planning Unit (EPU), the Prime Minister’s Department, the Finance Ministry and the International Trade and Industry Ministry will study the proposals given by the National Chamber of Commerce and Industry of Malaysia (NCCIM), especially in relation to the strengthening of DDI," he said.

The proposals tabled by NCCIM include studying the feasibility of reducing bureaucracy by 50%, streamlining investments initiatives, better management of foreign labour and crafting an action plan to develop a network for foreign direct investment for small and medium enterprises.

Ismail Sabri said this was among the two main issues discussed at the EAC’S meeting, with the other being the strengthening of the OneStop Centre 3.0 (OSC 3.0) for local authorities.

"The government will continue to be committed to improve the quality of service of local authorities to be efficient, fast and transparent especially through the implementation of the OSC 3.0 and OSC 3.0 Plus," he said.

OSC 3.0 Plus is a digitalised process used by 98 local authorities across Peninsular Malaysia.

It is a system which enables online application for development plans and other related processes.

The system will be improved with emphasis given to the "teach in" aspect, management of complaints and engagement with stakeholders including the mechanism for digital licensing.

"The country’s economic recovery is in good momentum now.

"The government is committed towards ensuring that the DDI continues to be invigorated by employing the best approaches to ease matters for industry players," he said.

Ismail said the government will continue to listen to proposals from all parties for the well being of the Malaysian Family.