PUTRAJAYA: A law is being mulled to put a stop to the “Ali Baba” culture or rent-seeking activities, which is estimated to cause losses of about 1% of the country’s Gross Domestic Product, says Datuk Seri Anwar Ibrahim.
The Prime Minister said the estimated losses from rent-seeking activities involved, among others, procurement, licensing, awarding of permits and quotas, subsidies and grants.
He said the Ali Baba culture gives a negative impact on the economy and the government is serious in tackling these activities.
“The Economy Ministry and the Attorney General’s Chambers will carry out a study on this.
“A policy and legal strategy will be drafted to curb rent-seeking activities and the proposal will be presented to the Cabinet,” he said.
The Prime Minister said that this was among matters discussed at the National Economic Action Council (MTEN) meeting on Monday (July 10).
The meeting also agreed to expedite the National Energy Transition Roadmap (NETR) initiatives as a catalyst to boost Malaysia as the regional leader in renewable energy.
“Pioneer flagship projects as well as the NTER initiatives will increase the industry’s participation to explore new sources of energy and create market demands,” he added.
Anwar said the first phase of NETR would consist of 10 national flagship projects that are strategic and of high value, with an expected investment value of RM25bil.
These projects, which are part of the National Energy Policy 2022-2040 implementation move, would create 23,000 high value employment opportunities.
Phase One of NETR would be launched on July 27 while Phase Two in August.
The Prime Minister said moving forward, the MTEN would continue to formulate new initiatives and measures to overcome economic challenges.
“The Council will also strive to improve governance, structural reforms to further boost the country’s economic potential,” said Anwar.
