S Korea Vows Reform After Sharp Drop in Global Competitiveness Ranking
SEOUL, June 27 (Bernama-Yonhap) -- South Korea will strive to identify its weaknesses and transform them into opportunities for future growth, Acting Finance Minister Lee Hyoung Il said on Friday, stressing that the country's recent fall in the global competitiveness ranking should serve as a 'turning point.'
South Korea was ranked 27th out of 69 countries in the 2025 World Competitiveness Ranking published by the International Institute for Management Development (IMD), marking a drop of seven places from last year's record high of 20th, Yonhap news agency quoted the Ministry of Economy and Finance.
The IMD, a Switzerland-based business school, has issued the annual ranking since 1989, evaluating countries based on four key indicators; economic performance, government efficiency, business efficiency, and infrastructure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
2 hours ago
- New Straits Times
Anwar, Prabowo urge wider Middle East peace
JAKARTA: Prime Minister Datuk Seri Anwar Ibrahim said that he and Indonesian President Prabowo Subianto share a common aspiration to see peace achieved, not only between Israel and Iran, but across the entire Middle East. Expressing relief over the recent ceasefire between Israel and Iran, Anwar nevertheless stressed that Malaysia and Indonesia strongly condemn Israel's continued atrocities, which have resulted in genocide in Gaza, Palestine. He emphasised that Malaysia has consistently voiced strong opposition to Israel's aggression and violations against Iran, while firmly supporting Iran's right to defend its sovereignty and dignity. "But importantly, as President Prabowo did mention, we share a common desire for peace - not just between Iran and Israel, but across the entire Middle East," said Anwar, expressing hope that Palestine will one day become an independent and sovereign state. Anwar said this during a joint press conference following a bilateral meeting at the Istana Merdeka here today. Earlier, Prabowo said that Malaysia and Indonesia would continue to advocate for a peaceful resolution by all parties and welcomed the ceasefire between Israel and Iran. "We hope this process can move forward towards lasting peace. Only a two-state solution can bring an end to this conflict," he said. "Indonesia and Malaysia believe a global collective effort is essential to promote a peaceful resolution to the conflict," he said, adding that Indonesia would continue to support Palestinian independence.— BERNAMA
New Straits Times
2 hours ago
- New Straits Times
Malaysia, Indonesia back stronger Asean unity to face global challenges
KUALA LUMPUR: Malaysia and Indonesia agree that a united and stable Asean is crucial to addressing current global challenges, whether economic, political, or security-related. Prime Minister Datuk Seri Anwar Ibrahim said the matter was agreed upon during his meeting with Indonesian President Prabowo Subianto in Jakarta today, in conjunction with his one-day official visit to the republic. "As two founding members of Asean, Malaysia and Indonesia reaffirmed their strong commitment to preserving regional unity and maintaining Asean's stability. "Hence, the close Malaysia-Indonesia ties will continue to serve as a model and catalyst for greater Asean unity, for the well-being of the people of both countries and the region as a whole," Anwar said in a Facebook post. He added that in the spirit of mutual trust, Malaysia and Indonesia are also determined to resolve outstanding border issues without delay. He said resolving the border issues, including longstanding maritime matters, is a shared priority to preserve the strong ties and close cooperation between Malaysia and Indonesia. "This win-win solution is expected to further enhance the confidence and trust between the two neighbouring nations. "The alignment reflects the close friendship and strong strategic relations between the two countries," he said.— BERNAMA
Free Malaysia Today
3 hours ago
- Free Malaysia Today
‘Buy Malaysian' campaigns to boost local products, fruits
Armizan Mohd Ali, the minister for domestic trade, with a visitor to the ministry's cost of living carnival in Johor Bahru today. (Bernama pic) PETALING JAYA : A government campaign to buy Malaysian goods, 'Jom Beli Lokal 2025' has been launched to support local businesses and reduce dependence on imports, while a campaign to buy local fruits will be launched next week. The 'Jom Beli Lokal' campaign, by the ministry of domestic trade and cost of living, is aimed at boosting sales of local products, strengthening the domestic economy, and supporting small enterprises. On July 5, the agriculture and food security ministry will launch its 'Eat Local Fruits' campaign in Tawau, Sabah, which will later be expanded nationwide. The Jom Beli Lokal initiative will help increase income for local entrepreneurs and showcases the quality of local products as competitive alternatives,' said domestic trade and cost of living minister Armizan Mohd Ali at the launch in Iskandar Puteri today, reported Bernama. The campaign will involve the government, private sector, and civil society, with promotions at shops and expanded efforts through online platforms such as TikTok, Shopee, and Lazada. Previous campaigns in 2023 and 2024 have generated RM347 million in sales from nearly 700,000 product listings online. Agriculture and food security minister Mohamad Sabu (left) with items made of pineapple fibre at a Pineapple Day exhibition in Johor Bahru today. (Bernama pic) In Johor Bahru, agriculture and food security minister Mohamad Sabu said the government will strengthen the Eat Local Fruits campaign to reduce reliance on imported fruits and boost farmers' income. He urged all federal and state agencies to serve local fruits at official events to show support for farmers. Local fruits such as pineapples, durians, jackfruit, and avocados have shown strong domestic and export market potential, he said. The campaign comes after Prime Minister Anwar Ibrahim ordered government departments to stop using imported food at official events. Mohamad also praised the Malaysian Pineapple Industry Board for raising pineapple output beyond RM1 billion and commended Sarawak's development of the Sarawak Gold 1 variety, which matures faster and is disease-resistant.
