Malaysia has clinched a position within the top 10 of the World Bank Doing Business 2014 ranking, surging up six spots to be ranked 6th out of 189 countries, even ahead of advanced economies like Australia and the United Kingdom.

NONE According to International Trade and Industry Minister Mustapa Mohamed ( right ), this puts Malaysia in the same league as countries like Singapore, Hong Kong and New Zealand.

He added, in a statement, that this comes much earlier than the government's target of reaching the top 10 position by 2015.

According to the Doing Business website, Malaysia's ranking improved due to dramatic improvement in the construction permits (up 56 spots compared to 2013's ranking to 43rd spots) and getting electricity (up 7 spots).

There was also improvement on the aspect of starting a business, where Malaysia climbed up three spots from 19th to 16th.

Malaysia also maintained the pole position in the getting credit category and fourth spot in protecting investors six years in a row.

"Soon after Prime Minister Najib Abdul Razak assumed office, Malaysia was in 23rd place. The rise to 6th place is testament to his stewardship and a result of the economic and government transformation programmes," Mustapa said.

In the area of construction permits, the cost of such permits is 14.7 percent income per capita, as opposed to 84 percent income per capita in Organisation for Economic Co-operation and Development (OECD) countries and 104.7 percent income per capita in East Asia and Pacific countries.

It also takes 130 days to procure a construction permit in Malaysia, as opposed to 147 days in OECD countries, which Mustapa credits to the establishment of one-stop centres.

Thumbs down for taxes

However, Malaysia faltered in the area of  taxes where it plunged from 21 spots to the 36th spot, where profit tax is higher than in East Asia , Pacific and OECD countries.

NONE Overall taxes as a proportion of profit is lower in Malaysia compared to in East Asia and Pacific and OECD countries.

Established in 2007, the Doing Business ranking is an index which measures whether the regulatory environment in an economy is conducive to starting an operating a local firm.

According to Mustapa, Malaysia is among the economies which improved the most across three or more areas measured.

He also credits the Task Force to Facilitate Business (Pemudah) for improving efficiency in government delivery.

"Notwithstanding this significant improvement, the government is aware that there is no room for complacency.

"As we move forward, we are seeking to do more, cognisant of the competition that Malaysia faces both regionally and globally.

"Our central challenge will lie not only in addressing operational inefficiencies in service delivery but also in reviewing regulations to further reduce the burden of doing business in Malaysia," he added.