Citing middle-income trap, Zahid vows govt will cut red tape

Deputy Prime Minister Ahmad Zahid Hamidi has promised that the government will reduce bureaucratic practices that can hinder businesses and entrepreneurs from helping make Malaysia a rich country.

According to Bernama, Zahid said it was “forced” for Malaysia to get out of the trap of the middle class and become a super-rich country within five years. Acknowledging that the country has failed in the World Bank’s central financial planning for more than 20 years, he warned that other countries will follow suit if Malaysia does not make itself more competitive and attractive. the investors.

He added that the unity government is committed to creating an economic environment where all Malaysians can realize their potential, especially entrepreneurs. “To this end, the government will continue to reduce the red tape that hinders businesses and entrepreneurs.

“Getting a profit, paying your taxes correctly and creating good jobs is a good thing. “This should be supported at all levels of government, be it federal, state or local.

“The private sector is the main engine of growth in the country. It has to be done well for the country to prosper,” said Zahid, who is also the minister responsible for rural and regional development.

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