Prime Minister Datuk Seri Ismail Sabri Yaakob disclosed that the country is now 47th in the World Competitiveness Yearbook, compared to being in the 19th spot ten years ago, and he added that this is a strong call for regulatory reforms.

He said regulatory reforms, including embracing the evidence-based policy approach must be encouraged to further spur prosperity and the people’s well being.

Policies and regulations that were of quality would facilitate businesses, enhance transparency and minimise the burden of costs and resources.

Ismail Sabri said if good practices were in place, industries and businesses could grow and expand better and be competitive.

Under the 12th Malaysia Plan, the aim for the nation is to be among the world’s nine best economies under the government efficiency sub-index in the World Competitiveness Yearbook.

According to the report, business regulations are one of the important indicators to achieve government efficiency.

However, Malaysia’s business regulation indicators have been showing a significant downward trend over the last ten years and the prime minister stated that there is an urgent need to address this issue.