Regulatory reforms took place in Malaysia mainly as a consequence of the privatization since the mid-1980s. A sectoral approach to regulation has been adopted in sectors where privatization took place. Competition regulation has only been implemented in one sector, namely the communications and multimedia sector. The government may implement a national competition policy by 2003. Economic regulation, such as control over entry-exit conditions to achieve goals related to poverty eradication and wealth redistribution, continues to be important. Some trade-off between competition and the achievement of these objectives seems imminent and unavoidable. Industrial and trade policies to protect local industries via high import duties also come into conflict with the objectives of competition regulation. Some initiatives to implement good corporate governance have been undertaken.