ASEAN KEY DESTINATIONS
Malaysia moves up on doing business scale
The country was ranked 23rd in the 2010 Doing Business Report. The report ranks 183 countries.
In a statement, Pemudah co-chair Tan Sri Sidek Hassan said whilst the improvement in this year's ranking is encouraging, strengthening of the public and private sectors must continue.
"We must set new benchmarks in our markets as events of the recent past have shown that even the most competitive of nations suffered significantly from the global economic crisis," he said. Sidek, who is also chief secretary to the government, said the report recognised the initiatives Malaysia has put in place.
Specifically, it highlighted the significant improvements in enforcing contracts and that courts are moving much faster to clear cases.
Malaysia showed improvements in its online procedures for starting a business, speedy registration of properties and notable ease in tax procedures especially with the introduction of online tax submissions.
The report also highlighted that the country ranked second best for importing, while for exporting it cost the least to move a 20 feet container.
Earlier this year, Malaysia made a significant leap in its IMD World Competitiveness Yearbook, moving up eight places and becoming the 10th most competitive nation in the world.
These improvements in rankings come on the heels of Newsweek magazine's recent announcement that Malaysia is the 37th Best Country in the world and Legatum Prosperity Index, a London-based analytical centre, ranking Malaysia the 43rd most prosperous nation.
"It is imperative that we continue to improve beyond the benchmarks of the countries ahead of us and we should view rise and fall in rankings as an opportunity to institute bold changes in our market," he said.
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