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The Sun
9 hours ago
- Business
- The Sun
Samenta: Malaysia's surge in competitiveness due to policy and reforms by government and businesses
PETALING JAYA: Malaysia's achievement in climbing 11 positions to 23rd spot in the 2025 World Competitiveness Ranking (WCR) underscores the strong policy measures and reforms implemented by the government and businesses in strengthening the economic fundamentals and making the nation more competitive on the world stage, said Small and Medium Enterprises Association of Malaysia (Samenta). Samenta national president Datuk William Ng remarked: 'The rise, the highest among all participating economies, reflects progress across key areas of competitiveness, in particular government and business efficiency, both of which improved by eight ranks.' Notably, he said, Malaysia has improved significantly in eradicating bribery and corruption, boosting private investment in research and development (R&D), reducing bureaucracy and strengthening employment. 'Malaysian businesses have demonstrated greater adaptability, productivity and innovation, making our companies more competitive. The country's strong economic growth, low inflation and healthy employment conditions all contribute to this upward trajectory,' said Ng. 'Malaysia's improvement is particularly noteworthy when we consider it within the Southeast Asia context. Among Asean members, we now outperform Thailand (30th), Indonesia (40th) and the Philippines (51st). Our progress underscores our ability to implement reforms effectively and signals to investors and businesses that Malaysia continues to be a leading destination for investment and growth in Southeast Asia,' he added. Ng said recent initiatives have played a key role in this progress, especially the rollout of Reformasi Kerenah Birokrasi, which has helped cut red tape and simplified procedures for businesses and citizens. The Akta Iltizam passed by Parliament in March underscores a strong legislative resolve to ensure efficiency in the public sector, he said, adding that the Corruption Perception Index Task Force, chaired by the chief secretary to the government, is tackling corruption and strengthening institutional integrity. Furthermore, Ng said, the Business Efficiency Task Force, led by Malaysia Productivity Corporation, is hard at work identifying bottlenecks and improving the ease of doing business across sectors. 'All these initiatives collectively create a more stable, efficient and forward-looking ecosystem for companies to operate and grow.' The inclusion of Samenta and SMEs in some of these efforts, including the Business Efficiency Task Force and various productivity initiatives, is indicative of the government's desire to drive the economic reform at all levels, including among their small and medium enterprises, said Ng. 'While we celebrate this progress, we must not become complacent. More needs to be done if we are to realize Ekonomi Madani's ambitious goal of breaking into the top 12 of the ranking by 2033. To further enhance our competitiveness and move up the ranking, we need to strengthen digital transformation, improve skills and education, cut bureaucracy, provide policy consistency and boost research and development initiatives. 'Providing greater incentives and support for companies, especially SMEs, to leverage technology and innovate is key. Ensuring policy stability and reducing red tape will help businesses operate more efficiently and respond faster to market opportunities,' he remarked. Ng said these efforts require a whole-of-nation approach as the government alone cannot affect these reforms. Businesses, he added, including SMEs, must move up the value chain in order for Malaysia to become even more competitive and to future-proof the economy for generations to come.
New Straits Times
2 days ago
- Business
- New Straits Times
Malaysia jumps 11 spots in world competitiveness ranking, best since 2020
KUALA LUMPUR: Malaysia has risen 11 places in the World Competitiveness Ranking (WCR) 2025, moving to 23rd out of 69 economies, the country's best ranking since 2020. The World Competitiveness Ranking (WCR), published annually by the Institute for Management Development in Switzerland, is a comprehensive report that assesses countries on their ability to create and sustain a business-friendly environment that drives long-term prosperity Advancing from 34th place last year, the improved ranking reflects the strong momentum in Malaysia's economic recovery and reform efforts, according to a statement by the Investment, Trade and Industry Ministry. The ranking reaffirms the country's path toward becoming one of the world's top 12 most competitive economies by 2033 outlined in the Madani Economic Framework. The ministry said economic performance, government efficiency and business efficiency factors drove Malaysia's overall competitiveness performance. Malaysia ranked 4th globally in economic performance, climbing four spots from 8th place last year, while both government efficiency and business efficiency factors saw an improvement of eight positions. The international trade sub-factor increases 11 places to 6th, supported by strong export growth in goods and services, diversified markets and rising tourism receipts, strengthening Malaysia's trade surplus. The ministry, through the National Competitiveness Committee - co-chaired with the 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 Taskforce on Agency Reform (STAR) – led by the chief secretary to the government Tan Sri Shamsul Azri Abu Bakar – ensures effective implementation of competitiveness initiatives. This includes over 1,000 Reformasi Kerenah Birokrasi projects aligned to the Public Service Reform Agenda. Investment, Trade and Industry Ministry Tengku Datuk Seri Utama Zafrul Aziz said the 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 added. The ministry is confident that through strong governance, continuous commitment from the federal and state governments, along with 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.
