‘Pursue public-private collaboration to progress’

PETALING JAYA: Malaysia can regain its position as one of the top 20 most competitive countries in the World Economic Forum’s index if it continues to roll out initiatives and pursue public-private collaboration.

Malaysia Productivity Corp director-general Datuk Mohd Razali Hussain said consistency, at least for the next five years, was key towards achieving the targeted ranking in the Global Competitiveness Report.

This year, Malaysia was ranked 23 out of 138 economies, with a score of 5.16.

The faster broadband access through Telekom Malaysia’s recent UniFi “i-foundit” application, for instance, stands to improve Malaysia’s scores in terms of technological readiness, while the rollout of major projects, like the Mass Rapid Transit (MRT) or the Pan-Borneo highway, boosts scores on the infrastructure pillar.

The Global Competitiveness Index combines 114 indicators and groups them into 12 pillars relevant to growth and development.

Malaysia ranked among the top 50 in each of the pillars despite a decline in six of them.

“For the pillars on technological readiness and infrastructure, we were 51 and 29 in 2012.

“We have improved over the last five years and have the potential or momentum to push the competitiveness needle in the next three years,” Razali told the New Straits Times yesterday.

Malaysia performed most strongly in financial market development (16th) and made the most improvement in health and primary education pillar, moving up 14 positions to 30th.

Razali also highlighted the Productivity Nexus initiative to promote collaboration between government agencies and industry players across various sectors.

Three sectors have been established, with three more this month, and another three in December.

Thirty per cent of the index was based on statistical data, with the rest on the results of the executive opinion survey.

According to the survey this year, access to financing topped the list of most problematic factors for doing business.

This was despite an improvement in the ease of access to loans.

Economist Julia Goh of UOB Bank said the improved rankings supported Malaysia’s positive macro picture, making it more conducive for foreign investments.