Govt to boost domestic direct investment for economic recovery, says PM Ismail Sabri

Govt to boost domestic direct investment for economic recovery, says PM Ismail Sabri

25 Apr 2022

The government will refine the proposals forwarded by the National Chamber of Commerce and Industry of Malaysia (NCCIM) aimed especially at strengthening domestic direct investment (DDI), the most important element to revive the economy, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

DDI, along with the empowerment of local authorities’ one-stop centres, were the key matters discussed at the third Economic Action Council meeting this year, he said.

The Economic Planning Unit (EPU) of the Prime Minister’s Department, the Finance Ministry, and the International Trade and Industry Ministry will refine the proposals, he said.

“The country which is currently in the transition to the endemic phase and DDI are the most important elements in economic recovery,” he said in a press statement today.

Other proposals from NCCIM include conducting studies on initiatives to reduce bureaucratic constraints by 50 per cent; perform consolidation and coordination of investment incentives; re-engineering foreign labour management processes as well as preparing action plans to expand the network of small and medium enterprises with foreign direct investment (SMEs-FDI).

“To boost the potential of DDI, the government will continue to be committed to improving the quality of local authority services, especially strengthening the implementation of OSC 3.0 to OSC 3.0 Plus to always be efficient, fast and transparent.

“OSC 3.0 Plus is a complete and uniform procedure based on current laws to regulate and facilitate the development process in local authority areas until the building is eligible to be occupied using fully digital applications in all 98 local authorities in Peninsular Malaysia,” he said.

The improvement is through the introduction of the OSC 3.0 Plus Online System with emphasis on ‘teach in’ aspects, complaints management and stakeholder engagement sessions including the development of a digital one-stop licensing centre mechanism.

Ismail Sabri also said that the country’s economic recovery process is now at its best and the government is committed to ensuring that DDI continues to be stimulated by taking an approach to simplify the affairs of industry players.

“The government always listens to suggestions from all parties for the well-being of Keluarga Malaysia,” he added.

Source: Bernama