Latest news with #MadaniEconomicframework
The Star
10 hours ago
- Business
- The Star
M'sia climbs to 23rd spot in World Competitiveness Ranking
PETALING JAYA: Malaysia has climbed 11 spots in the World Competitiveness Ranking (WCR) 2025 to clinch the 23rd position among 69 economies, says the Investment, Trade and Industry Ministry (Miti). Last year, Malaysia held the 34th spot in the annual ranking, which evaluates countries based on their ability to create and maintain a business-friendly environment that fosters long-term prosperity. The report is published by the Switzerland-based Institute for Management Development. 'This ranking is the country's best since 2020, reflecting the progressive momentum in Malaysia's economic recovery and reform agenda, and reaffirming its trajectory towards becoming one of the world's top 12 most competitive economies by 2033, as targeted under the Madani Economic framework,' Miti said in a statement yesterday. It said economic performance, government and business efficiencies were the driving factors that drove the country's overall competitiveness performance. 'Malaysia ranked fourth globally in Economic Performance, improving four spots from eighth place last year. Both Government Efficiency and Business Efficiency factors improved by eight positions. 'The International Trade sub-factor increased 11 places to sixth, supported by strong export growth in goods and services, diversified markets and rising tourism receipts, strengthening Malaysia's trade surplus,' it said. Miti is confident that with strong governance, continuous commitment from the federal and state governments, as well as close cooperation with the private sector, Malaysia is on the right path to position itself among the world's 12 most competitive economies by 2033. Commenting on this, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz ( pic ) said the improved ranking reflects how bureaucracy-related reforms are closely intertwined with facilitating robust investment and industrial growth – both critical for enhancing Malaysia's attractiveness as a preferred investment destination. 'The government's whole-of-government approach under the Madani framework also demonstrates its commitment to holistic structural reforms,' he said. Miti, through the National Competitiveness Committee co-chaired with Finance Minister II Datuk Seri Amir Hamzah Azizan, coordinates the strategic direction across ministries to enhance Malaysia's competitiveness. At the operational level, the Special Task Force on Agency Reform – led by Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar – ensures effective implementation of competitiveness initiatives, including over 1,000 Reformasi Kerenah Birokrasi projects aligned to the Public Service Reform Agenda, the ministry added.
Borneo Post
11 hours ago
- Business
- Borneo Post
Malaysia jumps 11 spots to 23rd in global competitiveness ranking
Tengku Datuk Seri Zafrul Abdul Aziz KUCHING (June 17): Malaysia has climbed 11 spots in the World Competitiveness Ranking (WCR) 2025 to 23rd place out of 69 economies, up from 34th last year, said Ministry of Investment, Trade and Industry (MITI). This marks the country's best performance since 2020 and reflects Malaysia's ongoing economic recovery and reform momentum, said the ministry in a statement yesterday. It also reaffirms Malaysia's trajectory towards becoming one of the world's top 12 most competitive economies by 2033, a target set under the Madani Economic framework. MITI Minister Senator Tengku Datuk Seri Utama Zafrul Aziz said the improved rankings showed how bureaucracy-related reforms are driving investment facilitation and industrial growth ― both critical to enhancing Malaysia's attractiveness as a preferred investment destination. He said the government's whole-of-government approach under the Madani framework demonstrated a strong commitment to structural reforms. 'MITI is confident that with strong governance, continued commitment from the federal and state governments, and close collaboration with the private sector, Malaysia is on the right path to becoming one of the world's top 12 most competitive economies by 2033,' he said. The WCR is published annually by the Institute for Management Development based in Switzerland and is regarded as a comprehensive report that evaluates countries based on their ability to create and maintain a business-friendly environment that promotes long-term prosperity. According to MITI, Malaysia's rise in competitiveness was driven by three key pillars: Economic Performance, Government Efficiency, and Business Efficiency. Malaysia ranked fourth globally in Economic Performance, an improvement of four spots from eighth place last year. Both Government Efficiency and Business Efficiency indicators also saw improvements of eight positions each. Meanwhile, the International Trade sub-factor improved by 11 spots to sixth globally, supported by robust export growth in goods and services, market diversification, and rising tourism receipts, and stronger trade surplus. MITI said the National Competitiveness Committee (JKDSN) – co-chaired with the Minister of Finance II, YB Senator Datuk Seri Amir Hamzah Azizan, is tasked with coordinating strategic direction across ministries to boost competitiveness. At the operational level, the Special Taskforce on Agency Reform (STAR), led by the Chief Secretary to the Government (KSN), Tan Sri Shamsul Azri Abu Bakar, ensures effective implementation of competitiveness initiatives, including more than 1,000 Reformasi Kerenah Birokrasi (RKB) projects aligned with the Public Service Reform Agenda (ARPA).
