MALAYSIA is still among the list of favourite nations to invest in despite the global economy being ravaged by the COVID-19 pandemic.
In its latest investor guide entitled KL Calling: Dynamic, Digital, Diverse, Ernst & Young (EY) said Malaysia managed to gain RM82.4 bil in foreign direct investments (FDI) last year.
“Malaysia is also ranked 12th in the World Bank’s Ease of Doing Business report. We are also the first among Asean countries for low cost of living.
“We also come in second in terms of market competitiveness and digital readiness,” said EY.
On why Malaysia is still a popular destination for foreign investors, the report said the scenario can be attributed to the rise of a green ecosystem, rapid growth dynamics and integrated transport facilities.
“We also have great connectivity, multilingual talents and high technological capabilities.
“The tax incentives we offer to investors also attracts attention from high technology players,” it said.
Touching on the report, Ernst & Young Advisory Services Sdn Bhd Asean consulting leader and Malaysia consulting managing partner Chow Sang Hoe said the on-going pandemic is accelerating multinational companies’ (MNC) decision making process.
“They are restructuring their supply chains, diversifying supply sources and finding an Asean market to manage uncertainties.
“For that, Kuala Lumpur has a competitive edge and became a natural choice for them,” he noted.
Multi-talented workforce
On that note, InvestKL CEO Muhammad Azmi Zulkifli said the COVID-19 pandemic has not deterred his team from engaging with potential investors to enter the Malaysian market.
“In fact, we are on track to achieve our target of attracting 100 MNC’s by end of the year. Although some investors are taking a wait-and-see approach, others remain committed as they have a long-term view,” he said.
Adding to the perspective, EY Asean Assurance Leader and Malaysia managing partner Datuk Rauf Rashid said the nation’s first class infrastructure, business-friendly government policies and technologically savvy talents continue to attract foreign investors to the country.
“Our people are also well versed in English and other Asian languages. I envision that Malaysia, particularly Kuala Lumpur, will become a smart digital city in the future,” he added. – Oct 20, 2020
