Malaysia boosts domestic investment for economic recovery
Malaysian Prime Minister Ismail Sabri Yaakob has said the government will refine the proposals forwarded by the National Chamber of Commerce and Industry of Malaysia (NCCIM) aimed at especially strengthening the domestic direct investment (DDI), the most important element to revive the economy.
Kuala Lumpur (VNA) – Malaysian Prime Minister Ismail Sabri Yaakob has said thegovernment will refine the proposals forwarded by the National Chamber ofCommerce and Industry of Malaysia (NCCIM) aimed at especially strengthening thedomestic direct investment (DDI), the most important element to revive theeconomy.
According to thePM, DDI, along with the empowerment of local authorities’ one-stop centres,were the key matters discussed at the third Economic Action Council meetingthis year, he said.
TheEconomic Planning Unit (EPU) of the Prime Minister’s Department, the FinanceMinistry, and the International Trade and Industry Ministry will refine theproposals, he said.
The NCCIMalso proposed conducting studies on initiatives to reduce bureaucraticconstraints by 50 percent; performing consolidation and coordination ofinvestment incentives; re-engineering foreign labour management processes aswell as preparing action plans to expand the network of small and mediumenterprises with foreign direct investment (SMEs-FDI).
To boost the potential of DDI, the government will continue to be committed toimproving the quality of local authority services, especially strengthening theimplementation of OSC 3.0 to OSC 3.0 Plus to always be efficient, fast and transparent,the Malaysian news agency Bernama quoted the PM as saying in a statement.
According to the PM, OSC 3.0Plus is a complete and uniform procedure based on current laws to regulate andfacilitate the development process in local authority areas until the buildingis eligible to be occupied using fully digital applications in all 98 localauthorities in Peninsular Malaysia.
Ismail Sabri also said that the country’s economicrecovery process is now at its best and the government is committed to ensuringthat DDI continues to be stimulated by taking an approach to simplify theaffairs of industry players./.
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Illustrative image. (Photo: AFP/VNA) 
