49pc favour country for best expansion opportunities in Asean
KUALA LUMPUR: Malaysia is a favoured expansion destination for Asean companies looking for growth opportunities in the 10nation bloc, according to a survey by Standard Chartered (StanChart).
Forty-nine per cent of the respondents selected Malaysia as one of the countries offering the best expansion opportunities in Asean over the next 12 months, it said, based on its “Borderless Business: Intra-Asean Corridor” report.
The report explores high-potential opportunities for crossborder growth within the region.
”While the Covid-19 pandemic has somewhat dampened foreign direct investment sentiment globally, Malaysia remains a wellplaced destination for companies looking for opportunities to diversify their supply chain and operations in Asean,” said StanChart Malaysia managing director and chief executive officer Abrar A. Anwar.
He named electrical and electronics, healthcare, automotive and e-commerce as the key growth sectors for Malaysia.
StanChart said the country had started making headway in developing capabilities to spur growth both in the electric vehicles segment and data centre supply.
“Malaysia is also seen as a leading medical device manufacturing hub and a regional market leader in medical tourism.”
Overall, the report said the majority of Asean companies focusing on intra-regional opportunities had expected robust business growth in the region over the next 12 months (99 per cent of respondents expect growth in production and 96 per cent anticipate growth in revenue).
With the Regional Comprehensive Economic Partnership expected to attract more investments into Asean, all respondents said they were planning to increase their investments over the next three to five years.
The survey targeted senior executives at 83 companies.