The Global Opportunity Index (GOI) 2024 report by the Milken Institute, which distinguished Malaysia as the leading nation among Asia’s emerging and developing countries in terms of overall investment conditions, the country’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in its economic development journey.
Highlighted in the report, Malaysia emerges as a standout among the top ten countries in emerging and developing Asia, boasting a strong institutional framework and balanced strengths across economic, financial, and regulatory domains. Surpassing its counterparts in all five categories of the Global Opportunity Index, Malaysia offers a comparatively lower-risk investment landscape, setting it apart from other developing Asian markets.
Ministry of Investment, Trade and Industry said the prestigious ranking is a direct reflection of the relentless efforts by the Malaysian Government, spearheaded by the Ministry with MIDA playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation. From extensive trade and investment missions to forging international partnerships, Malaysia’s concerted efforts are bearing fruit, unlocking potential investments worth billions. Notably, the recent strategic Working Visit to Germany, led by the Prime Minister Dato’ Seri Anwar Ibrahim, together with the Minister of Investment, Trade, and Industry Tengku Datuk Seri Utama Zafrul Abdul Aziz, marked a significant milestone with prospective investments amounting to RM45.4 billion. This venture, coupled with a similarly fruitful mission to Australia, which resulted in commitments from Australian companies to invest RM24.5 billion, underscores Malaysia’s adeptness in navigating the international investment landscape.
The rise of investment into the country can also be attributed to the new government which has been from day one encouraging investment and called for reduced bureaucracy in assisting investors make quick decisions. MIDA on its part has been at the forefront of implementing strategies and initiatives aimed at improving Malaysia’s investment landscape. By focusing on reducing bureaucratic hurdles, enhancing transparency, and ensuring a competitive and supportive environment for both domestic and international investors, MIDA has contributed significantly to this international recognition.
The agency has reiterate that future initiatives will focus on digitalisation, sustainability, and innovation, ensuring Malaysia remains attractive to sectors that are pivotal for future economic growth, aligning with policies in place such as the New Industrial Master Plan 2030, the National Energy Transition Roadmap and the Twelfth Malaysia Plan.
These are challenging times for Malaysia as once regional back markers like Vietnam, Indonesia, Cambodia are quickly picking up pace in drawing investors by offering mega incentives and removing much of the red tapes. While the ranking is encouraging, the time is not ready for celebration but more work needs to be done if the nations seeks to solidify its position as a regional powerhouse.
Thankfully we have an active Prime Minister who is our biggest salesman, going from country to country promoting Malaysian as a viable investment destination and so far has been saying all the rights things to global leaders. The results of Anwar’s whirlwind tour has been evident from the value of investment committed by the foreign nations thus far, however again the whole of the government machinery to step up to realise all this potentials into our economy.
