KUALA LUMPUR, Aug 20 — The government will expedite the drafting of an e-commerce Bill to improve the regulatory framework and ease of doing business in the sector, in line with the rapid growth of digital commerce.
Prime Minister Datuk Seri Anwar Ibrahim said the move was important to ensure the e-commerce ecosystem develops in an orderly manner while providing greater convenience and protection for all stakeholders, including young people and new entrepreneurs.
“We have the Electronic Commerce Act, which was passed back in 2006, but we are now drafting an e-commerce Bill to facilitate the sector and strengthen regulation,” Anwar said in his speech at the TikTok Shop Summit Malaysia here today.
Also present were Communications Minister Datuk Seri Fahmi Fadzil, Entrepreneur and Cooperatives Development Minister Steven Sim and Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.
Anwar, who is also Finance Minister, said the new legislation should be expedited to meet the needs of industry players while providing greater security and protection for those involved in digital commerce.
Anwar said the growth of technology and e-commerce platforms had created new opportunities for young people to venture into business, particularly those with limited capital and experience.
He said the government must also ensure that the e-commerce ecosystem continued to support legitimate businesses while preventing the platforms from being misused by irresponsible parties.
“We want to encourage legitimate, bona fide businesses, but we know these platforms can also be misused by those who seek to exploit their position and influence.
“Therefore, there must be rules to ensure that anyone introducing any type of product, food or goods for sale upholds ethical values. In life, management is important, business is important, and profits are important, but moral and ethical values are equally important,” he said.
Anwar said the Madani Government remained open to hearing the views of industry players and adjusting policies to ensure the development of new technologies was managed in an orderly manner.
He also said the government was prepared to provide support through various agencies and financing facilities to assist small businesses and those just starting out.
Anwar said new entrepreneurs should be given opportunities even if they did not yet have a track record in business, while ensuring that they had access to assistance when facing difficulties.
He said the approach was important to ensure that the benefits of digital economic growth reached more people, particularly young Malaysians with the ideas and capabilities to venture into business. — Bernama
