Malaysia has potential to be global south business hub, says minister Liew

Malaysia has the potential to be the business hub or regional headquarters for the global south, said deputy investment, trade and industry minister Liew Chin Tong. 

The minister made the comment at the National Chamber of Commerce and Industry of Malaysia (NCCIM) Annual General Meeting on Friday (26 July). 

He added that Malaysia boasts experienced business leaders and employees who have collaborated with Western, Japanese and Korean industries, on top of having cultural connections with Arab, Chinese, Indian and other international businesses. 

Don't miss: Green investments needed to make MY a green destination hub, says PM Anwar

As such, Malaysia needs to engage more with Africa and South America and leverage Malaysia's rich culture to help the multipolar world connect and do business with each other. 

In addition, the minister said that a long-time observer of the Malaysian economy told him that the current government is the most purposeful government of the last 20 years and has the clearest economic agenda. 

"Of course, clarity on the economy doesn’t mean that our nation will get rich overnight and that all the past problems will be swept away," said Liew. 

"Nevertheless, the clarity of policy intentions is now appreciated by the market and by the investors. Malaysia approved the highest amount of investment in history in 2023 and the economy is estimated to have grown by 5.8% in the second quarter of 2024," he added. 

To raise the ceiling, Malaysia needs to invest, innovate and internationalise "very concertedly and intensively".

Meanwhile, to raise the floo, Malaysia needs to end its low wage to entice its young generation and "end this silly situation of employing millions of unskilled foreign workers while Malaysians work as foreign workers in Singapore, Australia and Korea." 

Malaysia has to also empower women by providing them better pay and keep them longer in the workforce and finally, do more for welfare, including improving health care, childcare and aged care to create a society that feels secure about its economic wellbeing. 

"If we could raise the ceiling and the floor at once, the future is very bright for Malaysia and we shall see a second take off," said Liew. 

According to a study titled "Decoding Global Talent 2024" published by Boston Consulting Group, The Network of which Jobstreet by SEEK is a part of, inbound talent to Singapore mostly hail from neighbouring countries, such as Malaysia (30%), Thailand (22%), Indonesia (19%) and the Philippines (14%)

These workers seek job opportunities in marketing and media, digital, data science and AI industries.

More specifically, talent in marketing and media (77%) roles are the most willing to move abroad to Singapore for work followed closely by those in digitalisation, data science and AI roles (76%).

The global study revealed that most people chose Singapore for the quality of job opportunities available (74%).

Other factors that led to Singapore’s popularity as a job destination included the country's overall quality of life (57%), considerations of income, tax and cost of living (57%) alongside Singapore’s reputation for safety, stability, and security (55%). 

Photo courtesy of Liew Chin Tong/Facebook

Gear up for the most captivating PR conference of the year! #PRAsia #Singapore &  #Malaysia returns, bringing you the tools and insights you need to dominate in this dynamic environment. Join over 100 industry leaders and experts for an action-packed program filled with insightful discussions and valuable takeaways.

Related articles:  
Study: 77% in marketing and media are willing to move to SG for work  
Support for local talent development should be done across various sectors, says MY minister 
Johor-SG Special Economic Zone to create 100,000 job opportunities, says chief minister