Malaysia on course to become ‘Asian Tiger’, says Kor Ming

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 was crucial for drawing investments, noting that the government had provided clear guidance through several strategic blueprints like the New Industrial Master Plan 2030 and the New Energy Transition Roadmap. 

He said these blueprints were 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, making it an attractive foreign investment destination. 

“Additionally, Malaysia’s cultural diversity facilitates easy integration for foreign investors with minimal language barriers. 

“The presence of high-quality international schools also allows investors to easily relocate their families and build their second home here,” he said, Bernama reported. 

He was speaking at the 17th World Chinese Entrepreneurs Convention held at the Kuala Lumpur Convention Centre yesterday. 

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% local staff and allow local businesses to hold 50% 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. – September 11, 2024.