Malaysia expected to move up to 20th spot in Globalization Index
Malaysia is projected to improve its ranking in the annual Globalization Index to 20th this year from 26th previously, with Malaysian companies focusing on three key factors, namely, strategic thinking, execution and learning. Azwan Baharuddin, Markets Leader for Ernst & Young in stating this also concluded that Malaysian companies need strategic thinking that can capitalize on the global and regional opportunities. “This is particularly in markets which may not have been considered before,” he said.
He was speaking to reporters on Ernst and Young’s 2013 globalization report, Looking Beyond the Obvious: Globalization and New Opportunities for Growth, on Monday. Azwan said industry areas that would be a major focus include, oil and gas, education, tourism, healthcare and agriculture. “As one of Asia’s fastest growing economies, Malaysia performed marginally higher than the global average while maintaining its position at 26th.
He also said, an analysis of the 2012 Globalization Index results indicates, Malaysia is progressing steadily, driven by technology and trade. “However, there are several issues that Malaysian companies need to focus on as they are growing,” he added.
For instances he said, they need to create customized strategies for chosen markets, while leveraging on technology, that offers businesses the potential to grow. “Companies also need to review their operational processes and adopt speed and flexibility in meeting the rapidly changing markets,” he added.
Ernst & Young Managing Partner, Advisory Services, Chow Sang Hoe said Malaysian companies need to go local to make decisions swiftly in pursuing opportunities and transforming themselves into a learning organisation. “This learning organisation which leverages on the wealth of data made available through technology, will prepare companies to adapt to change better,” he added.
Meanwhile,the Globalization Index developed for the Ernest and Young report, measures and tracks the performance of the world’s 60 largest economies, according to 20 separate indicators that capture the key aspects of cross-border integration of business.
Source: The Star Business Online – http://biz.thestar.com.my/news/story.asp?file=/2013/2/4/business/20130204165209&sec=business