Malaysia must embrace ‘B-ready’ indicator for economic advancement, says PM

KUALA LUMPUR: The “Business Ready’ (B-Ready) indicator by the World Bank is an assessment that the country should prioritise by introducing several new approaches and methods, says Prime Minister Datuk Seri Anwar Ibrahim (pic).

He said this included closer synergy between industry and Technical and Vocational Education and Training (TVET) programmes.

Anwar emphasised that trust should be given to industry players to determine the types of training needed, as they had a better understanding of the requirements compared to conventional education systems.

“This is among the efforts we are trying to highlight to expedite approvals and processes, while also committing to make necessary adjustments where needed.

“The country will not progress if it remains in a comfort zone and is easily satisfied with every success,” he said in his keynote address at the 2024 Industry Excellence Awards (AKI) here on Tuesday (June 11) night.

B-Ready is the World Bank’s new flagship report benchmarking the business environment and investment climate in most economies worldwide.

The report assesses the regulatory framework and public services directed at firms, and the efficiency with which regulatory framework and public services are combined in practice.

Meanwhile, Anwar noted that TVET today was no longer as formal as it used to be, and industries were welcome to take over one or two TVET programmes if they wished to.

“Petronas and Proton-Geely are examples. This makes the synergy between industry and TVET programmes even closer,” he said.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz was also present at the event.

AKI 2024, organised by the Investment, Trade and Industry Ministry, recognises Malaysian companies that demonstrate excellence in management practices, product and service quality, and continuous value addition to stakeholders.

There are 13 categories contested in AKI 2024, with three main awards: the Manufacturing Sector Excellence Award (three categories), the Services Sector Excellence Award (four categories), and the Open Category Excellence Award (one category).

Additionally, one winner from these categories will be chosen to receive the Prime Minister’s Award, the most prestigious award recognising industrial excellence by the government. – BK