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.