SOUTHEAST Asian nations have dominated a list of best places in the world to invest in or do business for 2018, highlighting the attractiveness of the growing economies in the region amid a bleak outlook for 2019.
The list by CEOWORLD Magazine recently placed Malaysia in the number one spot followed by Poland.
Other Southeast Asian neighbours Philippines came in third place while Indonesia and Australia were ranked fourth and fifth, respectively out of 50 countries surveyed.
“Malaysia continues to be the most attractive destination for investors and businessmen,” the magazine said.
The magazine based the rankings on 11 different factors, including corruption, freedom (personal, trade, and monetary), workforce, investor protection, and infrastructure.
The factors also included taxes, quality of life, red tape, and technological readiness.
“Each category was equally weighted.”
Singapore came in at sixth place followed by India, Czech Republic, Spain and Thailand.
The world’s leading economies such as the United Kingdom, United States, China and Japan came in at 16th, 18,th, 24th, and 32nd respectively, the magazine found.
A more elaborate survey by the World Bank last year showed more mixed results.
According 2 @ceoworld criteria #Malaysia the best in world for business investment 2018. IMO Malaysian gov’t not doing enough 2 remove red tape, corruption & encourage good business activity. @more_hybrid success in #Kualalumpur office all down to our local people!#HybridCareers https://t.co/cI35JHN6ZK
— James Craven (@James__Craven) January 14, 2019
The bank’s East of Doing Business list found Singapore, Hong Kong, and South Korea to be the best places to do business covering the period from June 2 last year to June 1 this year.
The list, which compares business regulations for domestic firms in 190 economies, tracks key indicators for areas such as the ease of starting a business, getting electricity, contract enforcement, taxes and bankruptcy proceedings.
In the list, China was found to be one of this year’s top 10 improvers, advancing more than 30 spots to 46th place in the global rankings, while India became South Asia’s top-ranked economy, advancing 23 spots to 77th place in the global ranking.
Elsewhere, other countries like Taiwan (15th), Malaysia (24th) and Thailand (26th) were also ranked high in the report.
The report said between June 2, 2017, and May 1 this year, 128 governments introduced a record 314 reforms benefitting small and medium business and entrepreneurs, enabling job creation, and stimulating private investment.