Tengku Zafrul Committed To Increasing Productivity Of MITI, Agencies

KUALA LUMPUR, Oct 21 (Bernama) -- Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz remains committed to increasing the productivity of his ministry to ensure that Malaysia continues to be an investor and trade-friendly country.

According to him, as a result of the Ministry of Investment, Trade and Industry’s (MITI) community, the ministry has received two certificates of appreciation from the Chief Secretary to the Government for completing the Guidelines for Self-Regulation of the Electric Vehicle and Battery Management Industry and reducing the approval period for the Regulatory Impact Statement (RIS) Process.

The approval period for RIS has been reduced from two months to 10 days, he said in a press conference to present the MITI report card for the third quarter of 2024 here on Monday.

bootstrap slideshow

Tengku Zafrul added that the improvement of rules and processes also saw 166 projects registered under the Bureaucracy Red Tape Reformation effort, with estimated cost savings on regulatory compliance for the citizens and businesses amounting to RM561.5 million.

"In terms of improving business regulations, as of September 2024, the Malaysia Productivity Corporation (MPC) has achieved savings of RM922 million under the Good Regulatory Practices (GRP).

”This effort will continue to increase the productivity of the agencies under the supervision of MITI," he said.

bootstrap slideshow

Among the key performance indicators (KPIs) under the GRP are potential cost savings for registered projects, number of regulatory reform projects registered, number of regulatory reform projects completed and cost savings for completed projects.

-- BERNAMA