PUTRAJAYA: Datuk Seri Anwar Ibrahim has announced that the government is considering implementing a new law to combat the “Ali Baba” culture or rent-seeking activities. This culture is estimated to result in losses amounting to about 1% of Malaysia’s Gross Domestic Product. The Prime Minister highlighted that these rent-seeking activities encompass various areas such as procurement, licensing, permit and quota allocation, subsidies, and grants. Anwar emphasized that the negative impact of the Ali Baba culture on the economy cannot be ignored, and the government is committed to addressing this issue.
To tackle this problem, the Economy Ministry and the Attorney General’s Chambers will conduct a comprehensive study. Based on their findings, a policy and legal strategy will be formulated to curb rent-seeking activities. The proposal will then be presented to the Cabinet for consideration. Anwar disclosed that this matter was one of the key points discussed during the National Economic Action Council (MTEN) meeting held on July 10.
During the same meeting, the participants also unanimously agreed to expedite the implementation of the National Energy Transition Roadmap (NETR) initiatives. This move aims to position Malaysia as a regional leader in renewable energy. Anwar stated that the pioneer flagship projects and the NETR initiatives will encourage industry participation, leading to the exploration of new energy sources and the creation of market demands.
The first phase of the NETR will focus on ten national flagship projects, which are strategically crucial and of high value, with an expected investment value of RM25 billion. Through these projects, about 23,000 high-value employment opportunities will be generated. The implementation of Phase One of the NETR is scheduled for July 27, followed by Phase Two in August.
Anwar reiterated that the MTEN will continue to develop new initiatives and measures to overcome economic challenges. The council is determined to enhance governance and implement structural reforms to further maximize Malaysia’s economic potential. These efforts aim to strengthen the country’s economy and ensure its long-term sustainability.
Credit: The Star : News Feed
