Malaysia poised for economic growth with a surge in expats

Malaysia poised for economic growth with a surge in expats

06 Mar 2024

The surge of expatriates in Malaysia indicates that the country is becoming more and more of a top choice for investors and international companies looking for growth and expansion prospects.

Malaysia Productivity Corporation (MPC) director general Zahid Ismail said that as Malaysia charts its path towards economic resilience and recovery, the contributions of expatriates play a crucial role in driving productivity, innovation, and economic growth.

  In 2023, the gross domestic product (GDP) of Malaysia was predicted to have benefited from the direct and indirect contributions of expatriates in the employment, investment, and consumption sectors, totaling RM75 billion. 

  This increase, according to Zahid, is indicative of the country’s tenacity and ability to become a major force behind regional economic growth. 

  Furthermore, it is projected that the influx of foreign workers bringing capital, expertise, and experience will spur the creation of over 120,000 jobs in the region, filling skills shortages and generating jobs in a number of high-growth, high-value (HGHV) industries.

“The anticipated arrival of expatriates in Malaysia underscores our dedication to driving productivity and economic growth through international collaboration and talent exchange.

“Malaysia offers a conducive environment for foreign investment, innovation, and business development, and we are poised to leverage the contributions of expatriates to further propel our nation towards sustained prosperity,” he said in a statement.

  Malaysia continues to draw international investment due to its advantageous location, stable infrastructure, and friendly business climate, all of which promote an atmosphere that is favorable to the growth of businesses.

The anticipated economic transformation reaffirms Malaysia’s position as a dynamic and competitive player in the global market, offering unparalleled opportunities for foreign investment and collaboration, Zahid said.

While promoting ease of doing business, Malaysia remains steadfast in ensuring the integrity and security of expatriate affairs.

Companies leveraging the streamlined expatriate application and approval processes via the Xpats Gateway stand to reap substantial benefits.

The Xpats Gateway serves as a centralised platform, facilitating efficient submission and tracking of expatriate applications, thus reducing administrative burdens and enhancing operational efficiency.

Source: NST