The government will be formulating laws to put an end to “Ali Baba” business practices.
Prime Minister Anwar Ibrahim said the practice has a negative impact on the economy, causing an estimated one percent of losses to gross domestic product (GDP).
“Ali Baba” is a form of rent-seeking practice, in which businesses which win government projects and contracts, subcontract the actual work to others.
In a statement today, Anwar said such practices cover acquisitions, licensing, permits, quotas, and the giving of subsidies and grants.
He said the matter had been discussed at today's National Economic Action Council (NEAC) meeting.
The task of formulating policies and legislation to stamp out “Ali Baba” practices will be headed by the Economy Ministry and the Attorney-General’s Chambers.
Meanwhile, Anwar said the NEAC also discussed the National Energy Transition Roadmap (NETR) today.
He said the first phase of the transition to renewable energy would involve 10 high-value flagship pilot projects that are estimated to cost RM25 billion and will create 23,000 high-quality jobs.
The pilot projects are also expected to reduce carbon emissions by more than 10,000 gigagrams cumulatively, the premier said. - Mkini
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