Highlight of NEP

Prime Minister Najib Abdul Razak today unveiled a raft of economic measures that he said would propel Malaysia to developed nation status by 2020.

NONEFollowing are some of the highlights of what he announced:

* State investor Khazanah to sell 32 percent stake in Pos Malaysia.

* To list stakes in two Petronas units.

* Facilitate foreign direct and domestic direct investments in emerging industries/sectors.

* Remove distortions in regulation and licensing, including replacement of Approved Permit system with a negative list of imports.

* Reduce direct state participation in the economy.

* Divest GLCs in industries where the private sector is operating effectively.

* Strengthen the competitive environment by introducting fair trade legislation.

* Set up an Equal Opportunity Commission to cover discriminatory and unfair practices.

* Review remaining entry restrictions in products and services sectors.

* Phase out price controls and subsidies that distort markets for goods and services.

* Apply government savings to a wider social safety net for the bottom 40 percent of households, prior to subsidy removal.

* Have zero tolerance for corruption.

* Create a transformation fund to assist distressed firms during the refom period.

* Easing entry and exit of firms as well as high skilled workers.

* Simplify bankruptcy laws pertaining to companies and individuals to promoteo vibrant entrepreneurship.

* Improve access to specialised skills.

* Use appropriate pricing, regulatory and strategic policies to manage non-renewable resources sustainably.

* Develop a comprehensive energy policy.

* Develop banking capacity to assess credit approvals for green investment using non-collateral based criteria.

* Liberalise entry of foreign experts specialising in financial analysis of viability of green technology projects.

* Reduce wastage and avoid cost overrun by better controlling expenditure.

* Establish open, efficient and transparent government procurement process.

* Adopt international best practices on fiscal transparency.