Page 366 - Westport Guide To Malaysia

358 MALAYSIA MEANS BUSINESS
Leading the way in dispute resolution. Minister in the Prime Minister’s Department (Parliament and Law) Dato Sri Dr Wan Junaidi bin Tuanku Jaafar (left) and Director of the Asian International Arbitration Centre (AIAC) Tan Sri Suriyadi bin Halim Omar launch the AIAC i-Arbitration Rules 2021 at Bangunan Sulaiman, AIAC’s Kuala Lumpur HQ.
coalition Pakatan Harapan unexpectedly unseated the Barisan Nasional
and took power on a reformist agenda. The PH government collapsed
in February 2020 to be replaced by the new Perikatan coalition which has in turn been replaced by an informal coalition of parties led by UMNO. This change of government at short intervals is untypical of Malaysian politics and
is expected to normalise after the next general election. Nevertheless, despite political upheavals, each of the respective governments has focused on transparency, good governance, national unity and fiscal prudence as Malaysia continues to move towards developed nation status.
Rule of Law & Legal Framework
The Malaysian legal system is based on the British system, a legacy of the country's colonial history. The legal system provides
a system of checks and balances which allows businesses to operate freely within specific parameters, and also to obtain prompt and fair legal redress should litigation prove necessary.
However, recourse to the courts is not always needed. Alternate forms of dispute resolution are available. Individuals, governments and corporations may provide
develop their long-term plans and strategies.
On the socio-economic front, there have been ongoing efforts to eradicate poverty. Successive Prime Ministers have supported policies to raise overall living standards and address
socio-economic imbalances. Vision 2020, introduced by Malaysia’s 4th Prime Minister, Tun Dr Mahathir Mohamad, developed an economic road map for the country to become a developed nation by 2020.
In 2018, opposition
The symbolic Bull and Bear do battle in front of the Bursa Malaysia (Kuala Lumpur Stock Exchange) building.