Repressive regulation is causing irreparable damage to the nation

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From Murray HunterMalaysia’s highly regulated economy is stagnating in innovation, as incentive is being drained from the business community.Today, Malaysia is one of the most highly regulated economies. This restricts and makes business cumbersome, destroying an environment that should be primed for innovation. With GDP plunging from the Covid-19 crisis, business innovation should be one of the key drivers for recovery. Business innovation is not about digitisation and Industry 4.0 as the 12th Malaysia Plan would make us believe. Innovation is about facilitating creativity, new ideas, that couple with appropriate technologies to create value-added new products and services.This is not always about capital, and investment, rather it’s about creating an environment to nurture the correct mindset.Macro-policyThe NEP hinders the development of new innovative supply chain systems t…