Malaysia on course to become ‘Asian Tiger’, attract foreign investment

September 13, 2024

Malaysia is on course to become the “Asian Tiger” with five unique advantages to attract foreign investment, said Housing and Local Government Minister Nga Kor Ming.

Nga said Malaysia’s political stability is crucial for drawing investments, noting that the MADANI government has provided clear guidance through several strategic blueprints, including the New Industrial Masterplan 2030 and the New Energy Transition Roadmap.

He said these blueprints are
already yielding results, with the country’s economy back on track and gross domestic
product growth exceeding expectations over the past two quarters, resulting in international financial institutions upgrading their ratings for Malaysia’s market, which makes for an attractive foreign investment
destination.

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However, Nga noted the importance of protecting local small and medium enterprises amid the influx of foreign investments, adding that foreign companies should not transfer unwanted industries
to Malaysia.

“When Chinese companies invest in Malaysia, they should employ 50 per cent local staff and allow local businesses to hold 50 per cent equity.

“It is crucial that while we welcome foreign investment, our local companies are safeguarded and benefit from these investments through strategic synergies,” he said.

Source: Bernama