KUALA LUMPUR (Nov 1): Malaysia has regained its place among the top 20 economies in the world at number 15 in the World Bank Doing Business 2019 Report.

In a statement today, Minister of International Trade and Industry Datuk Darell Leiking said this was a significant improvement compared to the country's 24th ranking in the previous year.

The Doing Business Report ranks economies based on their business regulations and the ease of doing business.

The indicator sets evaluated are Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credit, Protecting Minority Investors, Paying Taxes, Trading Across Borders, Enforcing Contracts, and Resolving Insolvency.

In Malaysia, special task force Pemudah initiates and drives regulatory reforms and improvements within the Doing Business indicator areas in Malaysia.

The new co-chairs of Pemudah are Finance Minister Lim Guan Eng and Leiking.

Leiking said this shows the importance that the government places on its role in accelerating regulatory reforms to improve business competitiveness.

"Moving forward, the structure will be strengthened to better address issues at the policy and execution levels.

"The membership is also being reviewed to bring greater depth of experience and more innovativeness to problem-solving and the implementation and monitoring of regulatory reforms," he said.

Leiking said Malaysia's ranking at 15th was due to the World Bank recognising the government's numerous regulatory reforms and improvements.

He said the government, through Pemudah, will undertake more reform initiatives to further enhance the ease of doing business in a new Malaysia that prospers through business competitiveness.