‘Malaysia must shift from cheap to safe premium destination’
Experts say the country's economic narrative has shifted significantly, making safety and stability its new competitive edge
KUALA LUMPUR, Malaysia (MNTV) — Malaysian businesses must move away from competing on cheap prices and instead position themselves as a premium, “safe” destination in the global market, says Entrepreneur Development and Cooperatives Minister Steven Sim, as quoted by The Star.
He said the country’s economic narrative has shifted significantly, making safety and stability its new competitive edge.
“Overnight, Malaysia has been transformed from a cheap destination to a safe destination. A safe destination is a premium; you cannot put a price on safety,” he said.
“You are a safe destination for data centres, a safe destination to trade, to store, to do tech, and to host certain services — not just cheap anymore,” he said in his speech during an event by the Small and Medium Enterprises Association of Malaysia (Samenta).
“Because of this, we can afford to offer a premium when it comes to environmental, social, and governance (ESG) standards, green business practices, and other high-level compliances,” he added.
“But I think he knows this is a mark of business best practices that we can sell, especially in a global economy that is demanding higher standards. We have to prepare now; somebody must kickstart the whole thing,” he said, adding that Malaysian businesses are now in a position to command a premium.
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