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Malaysia moves up to 12 spot in global competitiveness ranking

Malaysia has moved up three notches to12th spot among 60 economies in the World Competitiveness Ranking 2014 released today by the Switzerland-based IMD World Competitiveness Centre.

IMD World Competitiveness Center Director, Professor Arturo Bris told the New Straits Times that the improved ranking would renew interest and attract investments to the country.

Malaysia has improved its openness to foreign markets and attracted capital and investment at increasing rates, Bris added.

Among countries in Asia, Malaysia is ranked third after Singapore and Hong Kong, moving up one position from 4th placing last year and ahead of developed economies like Taiwan (overall 13th), Japan (overall 21st) and South Korea (overall 26th). Malaysia is also ahead of China which came in at 23rd placing and India at no.44 overall.

Within ASEAN, Malaysia is ranked second after Singapore, followed by Thailand (overall 29), Indonesia (overall 37) and the Philippines (overall 42).

Among countries with a population above 20 million, Malaysia moved up to 4th position from 5th last year.

The overall ranking took into consideration over 300 criteria, two-thirds of which are based on statistical indicators and one-third on an exclusive IMD survey of 4,300 global executives.

The criteria are grouped under four categories economic performance, government efficiency, business efficiency and infrastructure.

The United States remained as the most competitive economy in the world this year, followed by Switzerland, Singapore, Hong Kong and Sweden among the top five in the ranking.

Meanwhile, the Minister of International Trade and Industry, Dato’ Sri Mustapa Mohamed in a statement, said the 12th position was Malaysia’s best performance in the past four years and reflected the progress of the Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP).

Source: NST Business Times and The Star 22 May 2014 and IMD website

Posted on : 23 May 2014

Malaysia moves up to 12 spot in global competitiveness ranking

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Performance Management Delivery Unit Chief Executive Officer, Datuk Seri Idris Jala in Kuala Lumpur on Tuesday.GE Chairman and CEO Jeffrey R Immelt said Malaysia “is a very important place for GE and it has been a fantastic privilege for the company to invest in the country”

In a press release in conjunction with the launch, Visal Leng, General Manager, AsiaPac, GE Oil & Gas said “Kuala Lumpur was selected as a location for the iCenter as a demonstration of GE’s commitment to the growth of the region’s oil and gas sector. Basing the iCenter, and GE Oil & Gas’ overall operations within the capital city made the most sense in terms of market stability, regional access and connectivity, quality of talent, cost of living, and strong infrastructure.”

GE’s Kuala Lumpur office not only serves as the ASEAN corporate headquarters but is also its Asia Pacific headquarters for Oil & Gas (O&G).

Industrial internet, a term coined by GE, refers to the integration of complex physical machinery with networked sensors and software to ingest data from machines, analyze it often in real-time, and use it to adjust operations. Leveraging on big data from intelligent machines and predictive analytics, its ‘Predictivity’ platform assists industry players particularly in the oil and gas sector meet the region’s growing energy needs, while managing operational and capital efficiency.

The iCenter in KL, is strategically linked with GE’s two other global centres in Florence, Italy and Houston, Texas. These centres set up in different time zones ensure round-the-clock monitoring and diagnostics services for GE’s installed fleet of turbomachinery for customers worldwide.

The iCenter is set to enhance rotating equipment availability, reliability and performance through Predictivity™ solutions and is manned by local engineers in line with the company’s commitment to support the growth of Malaysian talents.

Malaysian Investment Development Authority (MIDA) Deputy Chief Executive OLfficer, Datuk Phang Ah Tong, who was present at the launch, said GE’s latest investments reflected the company’s confidence in doing business in Malaysia.

Phang said the investments were in line with Malaysia’s aspiration to strengthen the oil and gas industrial cluster, noting that the center would complement the O&G eco-system offering critical support services to the oil and gas companies.

MIDA expects the setting up of the iCentre to provide the impetus to attract other major O&G players to build their base in Malaysia, he said.

Also present at the event were CEO of GE ASEAN, Stu Dean and the U.S. Ambassador to Malaysia, Joseph Y. Yun.

Source: Bernama 21 Oct, StarBiz 23 Oct 2014 and MIDA

23 October 2014

GE launches industrial Internet solutions and opens third global iCentre in KL

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