Good Regulatory Practice in Malaysia
Date:
16 February 2024Category:
Regulation and GovernanceType:
Policy BriefsTags:
Good Regulatory Practice, MalaysiaPrint Article:
International indicators suggest that Malaysia has attained a level of parity with high-income OECD nations, primarily attributable to the establishment and implementation of Regulatory Policy, particularly in meeting GRP requirements and regulations. The significance of Malaysia’s regulatory reforms and GRP is underscored by various factors, with the World Bank Group in 2019 highlighting crucial aspects related to regulatory governance for development and growth in the country. Malaysia’s GRP experience stands out, characterised by several significant elements. The engagement of the business sector was facilitated through a high-level task force named PEMUDAH, achieving notable success evident in both the process and outcomes.
To promote the adoption of GRP, Malaysia established a comprehensive institutional ecosystem, enabling the meticulous implementation of all facets of the reforms. Over the past few decades, GRP commitments have been seamlessly integrated into both Malaysia’s medium-term national development plans and its long-term development vision, ensuring high-level support and continuity for this agenda. Lastly, Malaysia has shifted its regulatory reform focus from a deregulatory strategy to one that complements it by placing emphasis on regulatory quality.
