74% M’sian businesses are projecting growth in the near, mid-term future

by NUR HAZIQAH A MALEK

Up to 74% of Malaysian businesses are projecting growth over the year, which is well above the average for the Asia Pacific region of 60%, according to HSBC Malaysia through its survey HSBC Navigator.

HSBC Malaysia commercial banking country head Andrew Sill said that according to the numbers, 76% of businesses also expect to return to pre-Covid profitability levels by the end of 2022.

“Among the three drivers of the business growth these businesses are banking on includes domestic demand, the expansion to new digital platforms and channels as well as introducing new products and services,” he said during the media briefing today.

He added that according to the findings, 56% of local businesses (which is over the global average of 48%) make it their priority to focus on digital technology while about half of them that were surveyed identified technical innovation, speed to market and being collaborative as more important in the future.

“Not to mention, 94% of the businesses agree on the need to review operations to rebuild business on firmer environmental foundations,” he said.

The survey involved over 10,000 companies across 39 markets globally, including 200 businesses in Malaysia which was conducted in Sept to Oct 2020.

Moving forward with the findings, Sill said the bank is in a position to offer local businesses a competitive advantage in digital innovation and support to become more sustainable.

“In 2020, we made bold investments in technologies, and thus we are in a position to offer our customers a competitive advantage in digital technology and innovation,” he said.

The institute’s corporate and commercial banking country head Karel Avni Doshi said in the coming year and beyond, the company plans to focus on such bonds to provide support, following its achievements in 2020.

“This year and beyond, the bank’s corporate side will continue to build and foster relationships with businesses as their Trusted Advisor; supporting large corporates with a focus on Middle Market Enterprises to further embed their digital transformation and sustainability visions,” she said.