Nga Kor Ming: Malaysia on course to become the Asian Tiger with Five Unique Advantages

Kuala Lumpur (September 10, 2024) — Housing and Local Government Minister Nga Kor Ming said Malaysia is on course to become the Asian Tiger with five unique advantages to attract foreign investment.

Speaking at the 17th World Chinese Entrepreneurs Convention (WCEC), Nga outlined five key factors that could attract foreign investors.

He highlighted that Malaysia’s political stability is crucial for drawing investment, noting that the MADANI government has provided clear guidance through several strategic blueprints, including the New Industrial Masterplan (NIMP) 2030 and the New Energy Transition Roadmap (NETR).

Nga said these blueprints are already yielding results, with the country’s economy back on track and GDP growth exceeding expectations over the past two quarters. As a result, international financial institutions such as JPMorgan, Goldman Sachs, and Nomura have upgraded their ratings for Malaysia’s market, making Malaysia an attractive destination for foreign investors.

“Additionally, Malaysia’s cultural diversity facilitates easy integration for foreign investors with minimal language barriers,” he said.

“The presence of high-quality international schools also allows investors to easily relocate their families and build their second homes here,” he added.

Nga further said that Malaysians are the greatest asset to the country with their friendliness and hospitality to others. To recap, Malaysia has been ranked among the ten most peaceful countries in the world in the 2024 Global Peace Index.

Nevertheless, Nga stressed the importance of protecting local small and medium enterprises (SMEs) amid the influx of foreign investment.

“When Chinese companies invest in Malaysia, they should employ 50% local staff and allow local businesses to hold 50% equity,” he said, adding that the foreign companies should not transfer unwanted industries to Malaysia.

“It is crucial that while we welcome foreign investment, our local companies are safeguarded and benefit from these investments through strategic synergies,” he said.