Outdated Regulations Will Be Removed To Facilitate Investments
He said an average investment of RM115 billion per annum would be needed between 2011 and 2015, with the target for this year being RM83 billion.
From the 2011 figure, RM76 billion is expected to be generated by the Economic Transformation Programme (ETP).
"To facilitate these investments, it is imperative that the service delivery of both the government and private sector be enhanced."
This will provide a conducive environment that can facilitate investment, he said in his speech at the Conference on Private Sector Efficiency and Consumerism, here Thursday.
His speech was read by the Minister of Domestic Trade, Cooperatives and Consumerism Datuk Seri Ismail Sabri Yaakob.
Muhyiddin said the commitment of the Special Taskforce to Facilitate Business or Pemudah had resulted in Malaysia's competitiveness ranking in the World Bank-Doing Business Report 2010 moving up two places to the 21st place from 23rd in 2009.
In the Institute for Management Development (IMD) 2010 World Competitiveness Yearbook, Malaysia's ranking moved up to 10th place from the 18th spot in 2009.
The Focus Group on Private Sector Efficiency and Accountability, established under Pemudah eight months ago, meanwhile has looked into 19 issues and currently working on 26 initiatives.
The group looks at measures that could enhance delivery of the private sector in terms of speed, performance, cost and reliability.
The Consumer Claims Tribunal meanwhile has seen various improvements including reducing the number of days for a hearing to 45 days, Muhyiddin said.
Other improvements made under the Companies Commission of Malaysia include the short period of one hour taken for business registrations and one day for company incorporation.
"It is hoped that the impact of these initiatives will further enhance Malaysia's Gross Domestic Product (GDP) and improve Malaysia's world competitiveness ranking to the top five position by 2015," he said. Source: Bernama