Malaysia has renewed its ambitious hope to accelerate its climb in the World Bank’s ranking and move up to the top ten by the year 2010, less than two years from now.
With the inception of the Business Licensing Electronic Support System, BLESS, the government anticipated the country to move from its current rank of 20 out of 178 countries last year. In 2007, Malaysia was ranked 24th.
BLESS is an online gateway developed as a one stop solution center that accommodates foreign businessmen and investors with facilities to submit licensing application and permits. The introduction of BLESS will speed up the processing, and improve the country’s licensing rating, which is moderated as poor at the moment. More than 70 agencies responsible for a wide range of licensing and permits will be able to benefit from the new online system.
The World Bank’s ranking consideres a few factors that influence the climate of country’s business atmosphere such as employment condition, credit facilities as well as ease of licensing processes.