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Malaysia favoured expansion destination for ASEAN: StanChart

Malaysia is a favoured expansion destination for ASEAN companies looking for growth opportunities in the 10-nation bloc, according to a survey by Standard Chartered (StanChart).
Malaysia favoured expansion destination for ASEAN: StanChart ảnh 1A bird's-eye view of Kuala Lumpur July 8, 2020. (Photo: malaymail.com)
Kuala Lumpur (VNA) - Malaysia is a favoured expansiondestination for ASEAN companies looking for growth opportunities in the10-nation bloc, according to a survey by Standard Chartered (StanChart).

Forty-nine percent of survey respondents selected Malaysia as one of the countries offeringthe best expansion opportunities in ASEAN over the next 12 months, StanChartsaid, based on its "Borderless Business: Intra-ASEAN Corridor"report.

Thereport also cites automotive, health care and digital services as key growthsectors of Malaysia. The country has started making headway in developingcapabilities to spur growth both in the electrical vehicles segment and datacentre supply.

“Malaysia is also seen as a leading medical device manufacturing hub anda regional market leader in medical tourism,” it added.

According to thesurvey, access to the large and growing ASEAN consumer market and theglobal market enabled by a network of free trade agreements and availability of abundant and skilled workforce are the most important drivers ofexpansion across the region.

Overall, the survey found that the majority of ASEANcompanies that focus on intra-regional opportunities expect strong businessgrowth in the region over the next 12 months, with 99 percent of respondents expectingproduction growth and 96 percent forecasting revenue growth./.
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