Malaysian businesses need to boost international connectivity, says HSBC

Malaysian businesses need to boost international connectivity, says HSBC

HSBC Bank Malaysia Bhd has urged Malaysian businesses to strengthen their international connectivity in order to gain competitive edge and attract new investment, which will lead to access to growth and development prospects.

Its chief executive officer Datuk Omar Siddiq in a statement on 1st March said that due to current global market conditions, the world's economic centre had shifted to Asia, with the Asean region playing a critical role in fuelling this development.

“Located strategically in the heart of Asean, Malaysia continues to offer great potential for investors,” he added. “Among the challenges of 2022, the country was a clear regional outperformer fuelled by its resilient external engine and flourishing domestic demand.”

He highlighted several key areas for businesses in 2023, which include embracing the economic pivot to Asia and Asean, the benefits of China’s reopening, supply chain diversification as a boost for Malaysia, and investing in the digital economy.

“Significant opportunities exist for businesses in Malaysia to thrive in a new era. This includes growing investments in areas that will facilitate greater international connectivity while enabling them to gain a competitive advantage.”

“Businesses need to seize them and effectively capitalise on them for growth.”

Omar spoke during the launching of the HSBC Asian Business Forum 2023, with Economy Minister Mohd Rafizi Ramli officiating at the event in Kuala Lumpur on 1st March.