Government Aims To Create Competitive Environment For Businesses, Says Muhyiddin

December 14, 2011 by  
Filed under English, News

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KUALA LUMPUR, Dec 13 — The government aims to create a more competitive environment for the private sector to thrive through greater liberalisation and deregulation, said Deputy Prime Minister Tan Sri Muhyiddin Yassin.

He said in order to make the private sector the new engine of growth, businesses need open, transparent and even-handed economic stewardship.

“As Malaysia strives towards becoming a high-income nation, the role of entrepreneurs in this journey grows in significance.

“Entrepreneurs and the private sector have an enormous impact on innovation, progress and the economy of the country,” he said in his speech at the Ernst & Young Entrepreneur of The Year Awards 2011 (EOY) here Tuesday.

His speech was read by International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

Muhyiddin said the government has put in place several initiatives to ensure that Malaysia is on track, with the introduction and implementation of business-friendly policies.

In October this year, he said, the Prime Minister announced 17 services sub-sectors to be liberalised on top of the 27 announced last year, which shows that the economy is the most open it has ever been, with almost every one of these sub-sectors allowing for 100 per cent foreign equity.

“In addition, we recently enacted the Competition Act 2010 and appointed the Malaysia Competition Commission to promote competition and fair trade, while eradicating monopolistic practices and cartels.

“By doing so, we will strengthen the competitiveness of Malaysian companies and provide a more level playing field for foreign investors,” he added.

He said the government would continue to play its part in helping to create an attractive and conducive environment for people to invest in, work in and live in.

“Malaysia will also continue to strive to simplify as well as reduce the cost of doing business.

“In terms of human capital, the government will continue to put the right measures in place to ensure that industry has ready access to a large pool of qualified and skilled Malaysians,” he added.

He said the government would also pursue policies that create an environment where entrepreneurs do not just survive, but thrive.

“Malaysia recognises the critical function of entrepreneurs in developing and sustaining economic growth and wealth creation,” he added.

S P Setia Bhd president and chief executive officer Tan Sri Liew Kee Sin bagged the Malaysian Ernst & Young Entrepreneur of The Year 2011 award.

Liew also won the Master Entrepreneur of The Year 2011 award and will represent Malaysia at the annual E&Y World Entrepreneur of The Year (WEOY) awards ceremony in Monte Carlo, Monaco next year.

The E&Y Emerging Entrepreneur of The Year 2011 award went to Exabytes Network Sdn Bhd chief executive officer Chan Kee Siak, while ViTrox Corp Bhd chief executive officer/president Chu Jenn Weng garnered the Technology Entrepreneur of The Year 2011 award.

The Woman Entrepreneur of The Year 2011 award was won by Help International Corp Bhd chairperson/group chief executive officer Datin Chan-Low Kam Yoke.

–BERNAMA

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