According to a World Bank and the International Finance Corporation report entitled Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises published today, Malaysia is ranked as the world’s:
- 12th most business-friendly country (overall ranking)
We also did well in some of the subcriterias:
- 1st in ease of getting credit
- 4th in protection of investors
However, in some of the other subcriterias we have a lot of work to do:
- 96th in dealing with construction permits
- 49th in resolving insolvency
- 33rd in enforcing contracts
This is the country’s best performance since rankings were established in 2005. In the last 2 years, Malaysia had secured the 23rd and 18th placings.
Even more hearteningly, Malaysia is ranked even higher than more advanced countries like Sweden (13th), Taiwan (16th), Germany (20th), Japan (24th) and Switzerland (28th).
World Bank Country Director for Malaysia Annette Dixon said:
I commend Malaysia for its ongoing efforts to reduce the costs of doing business. This will help the private sector drive growth, especially if Malaysia can build on its success by continuing to tackle long-term challenges, such as improving the quality of education.
World Bank Senior Economist for Malaysia Frederico Gil Sander said:
I commend the country for continuing to improve the quality of domestic regulations. This has great potential to energise the private sector when combined with stepped-up implementation of strategic reform initiatives especially the liberalisation of the services sector and the enforcement of Malaysia’s new competition law.
The top 12:
1 Singapore, which has topped the rankings for the seventh consecutive year.
2 Hong Kong SAR, China
3 New Zealand
7 United Kingdom