Malaysia has broken into the top 10 list of the world's most competitive countries, a result that will make it more attractive to foreign investors and proof that the government's transformation efforts are bearing fruit.
The country has taken the 10th spot on the Switzerland-based IMD's World Competitive Yearbook for 2010, up from 18th placing last year.
The list measures Malaysia against 58 countries this year, from 57 nations last year.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said that Malaysia had been steadily improving its rating since it was first included in the well-respected list in 1999.
With an index score of 87,228, Malaysia has joined the ranks of the most competitive countries in the world, sharing the Top 10 ranking with Singapore, Hong Kong, the US, Switzerland, Australia, Sweden, Canada, Taiwan and Norway.
"This unprecedented result is clearly rooted in the innovative and bold initiatives the government has undertaken this past year to drive development and economic growth and create a resilient private sector despite the recent slowdown of the global economy," Mustapa told reporters on the sidelines of the World Islamic Economic Forum in Kuala Lumpur yesterday.
In both the government and business efficiency ratings, Malaysia's performance is now ahead of developed countries like Luxembourg, Switzerland, Canada, Denmark and Sweden.
Malaysia also made big leaps in government and business efficiency.
It was ranked ninth, against 19th last year, for government efficiency and fourth for business efficiency compared with 13th previously.
"The economic performance and the infrastructure factors improved to eighth, against ninth last year, and 25th, from 26th position, respectively."
BTimes
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