KUALA LUMPUR: Implementing 2021 Budget during the Covid-19 pandemic is challenging due to uncertainty as business as usual will no longer work and regulators will need to assist businesses with effective regulation as part of the new norms.
Malaysia Productivity Corporation (MPC) director-general Datuk Abdul Latif Abu Seman said effective regulation is needed to continue to drive investments, strengthen strategic sectors, particularly medical devices, e- commerce, logistics and education technology, as well as improve access to financing.
“We need to ensure our economy continue to grow, with job creation and business continuity during this period of intense uncertainty,” he said in a statement today.
From the perspectives of improving public policy, he said Malaysia’s good regulatory practices (GRP) agenda continues to be relevant to restore economic growth, enhance productivity and the country’s competitiveness.
“GRP efforts on improving quality of new regulation through regulatory impact analysis and reviewing existing regulation will reduce the regulatory cost of doing business, help improve the business climate and support trade and investment,” Abdul Latif said.
MPC also called on the federal, state and local governments to be committed in implementing good regulatory practices and relook into the current regulatory delivery processes.
If required, re-engineer to be more agile, simplify and lower compliance costs without compromising public safety, health, environment and public goods to facilitate and speed up the government’s service delivery process to achieve Budget 2021 goals, it said. – Bernama
