PETALING JAYA: Malaysia is the highest placed developing Asian economy despite its lowered ranking in the Global Competitiveness Index 2012-2013 by the World Economic Forum (WEF).
Minister in the Prime Minister's Department Datuk Seri Idris Jala said that this held significant implications for Malaysia's long-term economic policies in raising Gross National Income per capita.
“The Government will address areas requiring improvement as highlighted by the report, and will also continue to invest resources in the areas the WEF acknowledges to have shown positive impact,” he said in a statement yesterday.
In the report, Malaysia remained within the top 20% but its global competitiveness ranking had slipped down four notches this year to the 25th spot, coming in behind other developed Asian countries such as Hong Kong (9th), Japan (10th), Taiwan (13th) and South Korea (19th).
Idris said the drop showed that there was no room for complacency as many countries also continued to improve competitiveness.
He was, however, encouraged with the report's note that Malaysia had a high capacity for innovation, and its acknowledgement that the Government had placed innovation at the centre of its reform agenda.
“The Government will continue to support innovation-led growth through the National Innovation Strategy.
“To implement this, the Malaysian Innovation Agency (AIM) was established to assist in converting Malaysian intellectual property and ideas into commercialism,” he said.