KUALA LUMPUR, Nov 9 (Bernama) — Foreign investment and international trade will remain key to raising standards of living in Malaysia, said Oxford Business Group (OBG), a global publishing, research and consultancy firm.
While the most visible features of an advanced economy are its large consumer-oriented service sectors, Malaysia needs to focus on increasing the productivity of its export-oriented industries first, said OBG in “The Report: Malaysia 2014.”
It added that the country looks set to continue its course of gradual liberalisation while retaining its Bumiputera policies and state-owned companies.
However, the liberalisation process has gained momentum, and the synergies that could be added from taking further steps are obvious, it said.
Malaysia, with its well-funded banks and deep corporate equity and bond markets, is also well positioned to play a greater role in the entire region’s development, OBG said.
It added that the Asean bloc’s integration process has achieved significant momentum.
The year 2015 will be a landmark one for both Malaysia and Asean, as the 10-member grouping moves to establish the Asean Economic Community (AEC) under Kuala Lumpur’s chairmanship.