One of the measures Putrajaya could take, he told FMT, would be to simplify the process of acquiring permits and licences.

He said efforts to lighten “the burdens” associated with permit and licence applications would make Malaysia a more attractive investment prospect than other Asian countries.

Yeah, who heads Sunway University’s economic studies programme, also called for the lowering of corporate taxes.

Dr Mahathir Mohamad announced last week a reduction in the tax rate for small and medium enterprises, but Yeah seemed to suggest the lowering of taxes for large businesses as well.

The prime minister, speaking in Beijing, sought to assure China’s business community that his government was looking for ways to reduce taxes to improve on its business friendliness.

Yeah said it was likely that Mahathir was trying to attract hi-tech and other quality investments to Malaysia and also to encourage Chinese businesses to open shop at Bandar Malaysia and along the East Coast Rail Link line. Both are mega projects started by the Barisan Nasional government and recently revived by the current administration.

Recently, the Socio-Economic Research Centre told Putrajaya it should come up with a holistic plan to revitalise private investments in the wake of a decline in recent years. It was referring to investments from both domestic and foreign sources.

The think tank noted that total private investments had declined sharply to 4.5% of GDP in 2018 from 9.3% in 2017.