Page 335 - The Guide To Sarawak

THE GUIDE TO SARAWAK 333
THE SECRETS OF SARAWAK’S SUCCESS
Political Stability & Leadership
As part of Malaysia, Sarawak has the longest-serving freely-elected Government in the world, the Barisan Nasional (National Front) coalition having remained in power continuously both at federal and State level since Sarawak’s Independence through Malaysia in 1963. This has enabled Federal
and State Governments to concentrate on development. Furthermore, Sarawak’s former Chief Minister
Tun Pehin Sri Abdul Taib Mahmud held office from 1981 to 2014, long enough
to nurse his development plans to fruition. As a result, Sarawak has enjoyed the rare luxury of long range strategic planning, which has in turn enabled investors to develop their own long- term plans and strategies.
There have been a
number of progressive
and successful efforts to eradicate poverty, increase economic efficiency and redress socio-economic imbalances, the most recent of which – Prime Minister Dato’ Seri Najib Tun Razak’s New Economic Model, Government Transformation Programme and Economic Transformation Programme (ETP) – received a resounding public mandate in the recent 2013 general election.
Sarawak is also considered
a role-model society by none other than the prime minister. Referring to the 1Malaysia campaign – his on-going programme calling for the cabinet, government agencies, civil servants and the Malaysian public to more strongly emphasise ethnic harmony, national unity,
and efficient governance – he cites Sarawak as the standard the rest of the country should strive to attain.
Rule of Law & Legal Framework
The Sarawak legal system
is based on the British system, a valuable legacy
of the country’s colonial history. The legal system provides a system of checks and balances which allow businesses to operate freely within certain controls, and also to obtain prompt and fair legal redress should litigation prove necessary. However, recourse to
the courts is frequently unnecessary; individuals, governments or corporate bodies may request for arbitration by the Kuala Lumpur Regional Centre for Arbitration (KLRCA), which uses the United Nations Commission on International Trade Law (UNCITRAL) rules for arbitration, with some local modifications and adaptations.
The World Bank ranks Malaysia (and therefore Sarawak) as No. 1 in the world for ease of setting up a company. However, this
does not mean a free-for- all; statutory bodies such as the Companies Commission of Malaysia, the Securities Commission and Bursa Malaysia have substantive powers conferred on them by Acts of Parliament to regulate and control the operations of companies. Sarawak’s companies
are held to international standards of compliance and regulation through
the Malaysian Code on Corporate Governance 2012 which came into effect on 31st December, 2012.
Malaysia is a member
of the World Intellectual Property Organisation (WIPO) and a signatory
to the Paris and Berne Conventions and to the Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS), ensuring that intellectual property protection in
the country is in line with established practices around the world. A number of high-profile prosecutions have taken place in
recent years for breach of intellectual property laws.
It should also be noted
that intellectual property offences are treated as criminal rather than civil matters, with custodial sentences frequently handed out.
Economic & Financial Stability
The Malaysian Treasury and Bank Negara Malaysia (BNM), the Central Bank of