Towards an Effective Legal and Regulatory Framework for Public-Private Partnerships in Malaysia: A Lessons From the South Africa Experience
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In order to ensure a sustained cooperation with both the local and international private investors in Malaysia especially in the provision of public infrastructure, the government needs to develop very strong legal and regulatory capabilities which will help in providing stable institutional environment for private investment. At the same time, there is the need for commitment on the part of government to the regulatory rules so that they are perceived as credible by investors. Where the legal regime is weak or non-existent, private investment decisions will be adversely affected. No doubt, South Africa has developed one of the best legal and regulatory regimes for efficient procurement systems in the world and the project pipelines have greatly increased in recent times. This article therefore, examines the existing legal framework for Public-Private Partnership procurement in Malaysia and draws lessons from the South African legal regime. The article finally argues that for Malaysia to continue to attract and expand its investment atmosphere for the private sector there is the need for a clear and transparent legal and regulatory procurement framework which can seriously help in building confidence in the private sector and also guarantee their investment returns.
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