Malaysia Promotes Its Sustainable Business Environment at The 70th United Nations General Assembly
There is more to Malaysia as the country showcases its strong economic fundamentals that has contributed towards its resilience and positive growth trajectory
NEW YORK, Oct. 15, 2015 /PRNewswire/ -- Malaysia rebuts claims that the country is losing its investment prospects by showcasing its strong economic fundamentals and policies at the 70th session of the United Nations General Assembly. As this year's Chair of the ASEAN 10-member bloc, Malaysia also took the opportunity to highlight increasing business prospects in the region with the implementation of the ASEAN Economic Community by year's end.
In the wake of global market uncertainties, Malaysia reiterates that its economy is resilient and capable of growth despite the current climate, and is expected to continue its expansion at a rate of between 4.5 per cent to 5.5 per cent this year. Backed by the country's strong fundamentals, trade surplus, low unemployment rates, high level of savings and low foreign debt, Malaysia remains an ideal investment destination for international businesses. According to the Global Competitiveness Report 2015-2016 that was recently unveiled by the World Economic Forum, Malaysia has advanced two spots to 18th place out of 140 economies, consolidating its position among the world's top 20 most competitive economies, its highest ranking since 2005.
"Malaysia's economic structure is solid and able to withstand market uncertainties. We have diversified from a commodity-based to a high skilled services economy, which further contributes to our stable growth trajectory. We are made more resilient thanks to our successful Economic Transformation Programme, and are now much better off compared to during the 97/98 Asian Financial crisis," said Economic Planning Minister, Abdul Wahid Omar.
Despite a challenging macro-economic context, Malaysia is well positioned to capture increasing growth opportunities through the implementation of the ASEAN Economic Community. In 2014, the region recorded its highest foreign direct investments inflows, amounting to US$136.2 billion, a 160 per cent increase compared to 2007. Integration will increase the region's competitiveness and position it amongst the most vibrant economies in the world.
"We are working around the clock to ensure that the region's economic potential is maximized and realised through the AEC. Together with our counterparts, we are building a better-connected ASEAN, which is key to promoting economic growth, narrowing development gaps, improving the free flow of goods, and strengthening people-to-people connectivity. Malaysia has a great role to play in facilitating more investment opportunities as the Chair of ASEAN this year," added Abdul Wahid.
The Malaysian delegation, led by Prime Minister, the Honourable Najib Tun Razak met with United States' fund managers at the Invest Malaysia event organised by Bursa Malaysia and Maybank as well as with business leaders and industry captains at a Business Luncheon organised by the Business Council for International Understanding (BCIU), US Asean Business Council and Malaysia Investment Development Authority (MIDA).
As testament to an ever-strengthening bilateral relationship, the US has become one of the largest foreign investors in Malaysia, while Malaysia is the 25th largest trading partner of the US. Over the years, Malaysia has seen over 100 American multinational companies in the country, with many even moving their regional hubs to Malaysian shores.
About Malaysia
Malaysia is a country which offers a unique look into the rest of Asia as a bubbling, bustling melting pot of races and religions where Malays, Indians, Chinese and many other ethnic groups live together in peace and harmony. Its multiculturalism has made Malaysia a gastronomical paradise and home to hundreds of colourful festivals. Malaysians are very relaxed, warm and friendly. Being ranked as the 10th most popular travel destination in the world by UNWTO and the 4th best shopping destination in the world by CNN, Malaysia offers an endless array of excitement. Malaysia is Chair of ASEAN for 2015 and will be facilitating more investment opportunities to the region.
SOURCE Nation Branding Division
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