by RAHIMI YUNUS / pic by TMR
MALAYSIA is ranked the “second most favourable country” for foreign investment in South-East Asia by European and US companies to establish or expand their sourcing, selling or operations over the next six to twelve months, according to a Standard Chartered Group study.
The study, Borderless Business, found that Singapore (20%) is ahead of Malaysia (13%) for being the most preferred countries for foreign investment in South-East Asia among the respondents of CFOs and treasurers in the US, UK, Germany and France.
“Building on our strong legacy of 146 years in Malaysia, we are deeply committed to facilitating the economic growth of the nation.
“Malaysia is an important growth market for Standard Chartered and we will continue to invest in technology to help our retail, commercial and institutional banking clients prosper and grow,” Standard Chartered Malaysia MD and CEO Abrar A Anwar said in a statement yesterday.
He said such increased confidence in the country, coupled with Standard Chartered’s strong presence in Asia, Africa and the Middle East, readily connects the world to Malaysia and Malaysia to the world.
For the whole of Asia, Japan (42%) led the rank, followed by China (36%), Australia (34%), India (26%) and South Korea (21%) as the top five.
Singapore was in the sixth position, followed by Hong Kong (19%), New Zealand (14%), Malaysia, Thailand (11%) and Indonesia (9%).
With regulations being the No 1 concern among respondents looking to expand overseas, it could suggest an opportunity for Malaysia to potentially increase foreign investment through greater awareness of the ease of doing business locally.
Abrar said sustainability, digitisation and the need to understand regulation are not just key to how the business will be conducted, they are also opportunities for companies to increase operational efficiency, grow internationally and stay ahead of the competition.
In 2020, the Malaysian Investment Development Authority reported that foreign direct investments in the country stood at RM64.2 billion.
Read our previous report here