March 30, 2010 / 3:20 AM / 9 years ago

FACTBOX-Malaysia's "New Economic Model"

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 KUALA LUMPUR, March 30 (Reuters) - Malaysian Prime Minister Najib Razak on Tuesday unveiled a raft of economic measures that he said would propel this Southeast Asian country to developed nation status by 2020.
 Following are some of the highlights of what he announced:
 > state investor Khazanah to sell 32 percent stake in Pos Malaysia (PSHL.KL).
 > to list stakes in two Petronas [PETR.UL] units.
 >  Facilitate foreign direct and domestic direct investments in emerging industries/sectors.
 >  Remove distortions in regulation and licensing, including replacement of Approved Permit system with a negative list of imports.
 >  Reduce direct state participation in the economy.
 >  Divest GLCs in industries where the private sector is operating effectively.
 >  Strengthen the competitive environment by introducting fair trade legislation.
 >  Set up an Equal Opportunity Commission to cover discriminatory and unfair practices.
 >  Review remaining entry restrictions in products and services sectors.
 >  Phase out price controls and subsidies that distort markets for goods and services
 >  Apply government savings to a wider social safety net for the bottom 40 percent of households, prior to subsidy removal.
 >  Have zero tolerance for corruption
 >  Create a transformation fund to assist distressed firms during the refom period.
 >  Easing entry and exit of firms as well as high skilled workers.
 >  Simplify bankruptcy laws pertaining to companies and individuals to promoteo vibrant entrepreneurship.
 >  Improve access to specialised skills.
 >  Use appropriate pricing, regulatory and strategic policies to manage non-renewable resources sustainably.
 >  Develop a comprehensive energy policy.
 >  Develop banking capacity to assess credit approvals for green investment using non-collateral based criteria.
 >  Liberalise entry of foreign experts specialising in financial analysis of viability of green technology projects.
 >  Reduce wastage and avoid cost overrun by better controlling expenditure.
 >  Establish open, efficient and transparent government procurement process.
 >  Adopt international best practices on fiscal transparency.
 (Compiled by Julie Goh)    

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