Confidence within investors, businesses set to soar after change in procurement process, says TI

30 Nov 2022 09:00am

Raymon Ram

SHAH ALAM - The government's move to ensure all procurement process can no longer be conducted without tenders will enhance confidence of international community, especially investors and business companies.

Transparency International Malaysia (TI-Malaysia) secretary-general Raymon Ram said Prime Minister Datuk Seri Anwar Ibrahim's firm stance on the issue will indirectly create a more competitive business environment in the country.

"This move actually encourages more competitive competition locally as it means that a party can only win with merit. No more letters of support and the practise of cronyism is no longer accepted.

"We will see fair trade, more foreign investment coming in and businesses from Malaysia can succeed because we can compete in a competitive market," he said when contacted by Sinar Harian.

Prime Minister Datuk Seri Anwar Ibrahim on Tuesday stressed that the new government can no longer allow the approval of procurement without tender in administration.

The Tambun MP said the unity government under his leadership would not allow any leaks and corruption to continue.

Ram said Anwar's stance was very accurate to address the practise of cronyism which was described as one of the main problems that plagued the country before.

In this regard, he said, if the stance is implemented, it will further enhance the level of transparency, integrity and accountability in the public sector.

Sinar Harian previously reported that Malaysia is estimated to have suffered a loss of almost RM1 trillion in 25 years due to corrupt practises and leakages in the country's management.

EMIR Research president and chief executive officer Datuk Dr Rais Hussin Mohamed Ariff said the total represents up to four per cent of the Gross Domestic Product (GDP) since 1997.