PETALING JAYA: Deputy prime minister Ahmad Zahid Hamidi has vowed that the government will reduce bureaucratic practices that might be hindering businesses and entrepreneurs to help make Malaysia a high-income nation.
According to Bernama, Zahid said it was a “must” for Malaysia to get out of the middle-income trap and become a high-income nation within five years.
Acknowledging that the nation had languished in the World Bank’s upper-middle income bracket classification for more than 20 years, he warned that other nations would forge ahead if Malaysia fails to be more competitive and attractive to investors.
He added that the unity government was committed to creating an economic environment where all Malaysians could fulfil their potential, especially entrepreneurs.
“Towards this end, the government will continue to cut any red tape that hinders businesses and entrepreneurs.
“Making a profit, paying your fair share of taxes and creating quality employment is a good thing.
“This must be facilitated at all levels of government, whether federal, state or local.
“The private sector is the main engine of growth for the nation. It must prosper for the nation to prosper,” said Zahid, who is also the rural and regional development minister.