Malaysia recognised for ‘future growth potential’ in global soft power index

Malaysia is being recognised for its ‘future growth potential’ following a positive fourth quarter financial result last year. The 8.7% GDP growth was the highest the country has had since 2000, hence pitting Malaysia at the 33rd position on the list on BrandFinance’s Global Soft Power Index 2023 report.

According to BrandFinance’s Global Soft Power Index 2023 report, Malaysia also saw a jump of 10 ranks to 55th place for the culture and heritage pillar with the nation raking in tourists as a top ASEAN travel destination.

Malaysia showed improvements for all attributes including “food the world loves” and “rich heritage”. The nation brand’s best showing was for “a great place to visit” with a 26-rank skyrocketing to 30th position for the attribute.

In fact, according to industry experts that A+M spoke with earlier this year, Malaysia’s rich heritage has the power to influence global sales of Malaysian products. This could, in turn, further push the country's GDP. Founder of advertising agency, Beatnk, Tanner Nagib said that showcasing of traditional Malaysian cuisine, fashion, music, and art in marketing to create a distinct brand identity and appeal to a global audience can make Malaysia and its products all the more marketable.

Alex Haigh, managing director of Brand Finance APAC said that the research shows that Malaysia is increasingly becoming a serious contender in the ASEAN tourism space alongside Thailand and Vietnam, with many of Malaysia’s distinctive qualities recognised internationally. "We are certainly seeing definitive steps in the right direction with regards to the promotion of these qualities," he added. 

Very recently, Minister Syerleena of Malaysia's Democratic Action Party called for a national creative industry policy to be crafted to boost the country's tourism industry and economic performance. The minister of parliament for Bukit Bendera said that Malaysia’s arts and culture scene has the potential to rake in an influx of tourists. “This, in turn, can help boost the country’s economy and create new job opportunities,” she said in a statement to the parliament, seen by A+M. 

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