KUALA LUMPUR (July 11): The government is formulating an anti-"Ali Baba" (rent-seeking) policy and expediting the National Energy Transition Roadmap (NETR) initiatives, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the finance minister, said the Ali Baba culture had a negative impact on the economy, and the government is serious about addressing and eradicating this activity.

“Estimated losses reached about 1% of gross domestic product, and it comprised procurement, licencing, permit and quota issuance, and subsidy and grant issuance aspects.

“The Ministry of Economy and Attorney General’s Chambers, with the participation of ministries and government agencies, will study and draw up the appropriate legal policies and strategies to eradicate rent-seeking activities, and present the proposals to the Cabinet,” he said in a statement on Tuesday (July 11).

Besides approving the establishment of an anti-Ali Baba policy, the National Economic Action Council (MTEN) on Monday also agreed to expedite the NETR initiatives as a strategic catalyst for turning Malaysia into a regional leader in renewable energy.

He said the pioneer flagship projects and NETR initiatives aim to boost industry participation in the government’s new direction in exploring sources of renewable energy and shaping market demand, as well as identifying financial resources to bridge the project financing gap.

Anwar said the first phase of the NETR will highlight 10 key pioneer projects that are strategic and of high value as measures for implementing the National Energy Policy 2022-2040, with investments estimated at RM25 billion.

It is expected to create 23,000 high-quality jobs, and reduce over 10,000 gigagrams of cumulative carbon dioxide equivalent emissions.

“The NETR's Phase 1 will be held on July 27, followed by the second phase in August,” the prime minister said.

Meanwhile, Anwar said the MTEN will continue to formulate new measures and initiatives to address various national economic challenges to ensure governance improvement and systematic structural changes to enhance the nation’s economic potential.

“The government will strive to ensure the country achieves the Low Carbon Nation Aspiration 2040, and always progresses in line with current technological developments, and to meet the people’s socio-economic needs,” he added.