Pressing ahead with its plan to build an entrepreneurial economy, Malaysia’s Ministry of Finance will host the fourth Global Entrepreneurship Summit (GES) on October 11-12, 2013. With the expected participation of U.S. President Barack Obama and other heads of state, the summit in Kuala Lumpur is set to be a milestone for Malaysia’s quest to become an entrepreneurship hub. I met with the planners in Kuala Lumpur recently to discuss progress.
The government of Malaysia’s Economic Transformation Program (ETP) which was launched in 2010 has a clear aim to move the country from being an upper-middle to a high-income economy by 2020. As part of its plan, the government has undertaken structural reforms to enhance the entrepreneurial environment. Progress on that front is reflected in the improvements in Malaysia’s Doing Business indicators, where the country ranks among the top 20 in the world in areas such as the ease of getting credit, protecting investors, paying taxes and trading across borders. In terms of tangible impact on the ground, it has been reported that since the start of the ETP, private investment has tripled—recording a 22% growth last year, 12.2% in 2011 and an average of 6.7% between 2000 and 2010. The national 2013 budget aims to boost innovation by allowing firms to use intellectual property rights as collateral to obtain financing for business expansion and by offering significant tax deductions for angel investors.
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