A recent report stated that Asia is well on its way to regaining its weight in the global economy on the basis of its population.
Nomura Securities, in a recent report, stated Asia is well on its way to regaining its weight in the global economy on the basis of its population.
“Our analysis suggests it has already started to benefit from electronics, with its share in world exports of electronics rising from 2.6% of world total in 2015 to 3% in 2021. Our foreign direct investment attractiveness scorecard, which ranks economies based on market size, growth potential and investment climate, ranks Malaysia in the top five,” she told StarBiz.
The electrical and electronics sector makes up the country’s largest exports. In 2022, local E&E exports were RM593bil which accounted for 37% of total exports and contributed to 78% of Malaysia’s external trade surplus. Wong said it is crucial for Putrajaya to continue to reduce the cost of doing business and strengthen the ease of conducting business, to boost FDI inflows.
He adds that for Malaysia to gain a breakthrough from the “middle-income” trap, it needs to become the best adopter of general purpose technology . In order for the country to boost its trade performance, Centre for Market Education chief executive officer Dr Carmelo Ferlito said it needs to remedy several weak points which include service restrictions, logistic and regional trade agreements.
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