(See related story on [ID:nSGE62S0LI]
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)