KUALA LUMPUR, May 18 — It is an opportune time now for Malaysia to do some “soul searching” with regards to its investment incentives and processes that will make the country stand out from the rest, amidst the reopening of economies across the globe after having lost trillions of dollars due to the Covid-19 pandemic.
He said this in response to the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s royal address when opening the third term of the 14th Parliament here today. Commenting on this, Mohd Afzanizam said the Bank Negara Malaysia had conducted studies and found that there were more than 100 incentives administered by 33 agencies.
The central bank said the government needs to rethink on the investment incentives framework in the highly-dynamic global environment and emergence of global trends such as technological disruptions, rapid urbanisation, and climate necessary in preparing the economy for the future.