Business confidence in Malaysia remains high on the back of growth potential in the ASEAN region, according to a report by Standard Chartered.
In a report entitled 'Winning in Asean', Standard Chartered found that 64 per cent of business leaders surveyed currently have or plan to have a sales presence in Malaysia over the next three years, indicating a positive outlook on the market.
"In Malaysia, the manufacturing sector continues to play a vital role in the country's economy, which had a total approved investment (foreign and domestic) of US$44 billion (RM195.1 billion) in 2021, an uptick of about 114 per cent from 2020.
"Numerous capital-intensive projects are expected to push the development of advanced manufacturing capabilities and a highly skilled workforce," it said.
It noted that Malaysia has also implemented various key incentives to attract more foreign direct investments (FDIs) into the country for investors to fund strategic activities and products of national importance in approved sectors or areas, such as manufacturing, biotech, training, and environmental protection.