According to a recent report from the World Bank, Malaysia is the second-best performing ASEAN country in terms of logistics rankings. The report indicates that the country has improved its score by 2.22 points to reach an overall score of 62.3, which puts it just behind Singapore in the region.
The Logistics Performance Index (LPI) report, which was released on Tuesday, evaluates countries’ logistics performance based on six key dimensions, including customs performance, infrastructure, and logistics competence. Malaysia scored well in all dimensions, with its highest score being in the area of international shipments.
The report also highlighted some areas where Malaysia can continue to improve, such as reducing the time and cost of exporting and importing goods. The report recommended that the country focus on enhancing its transport infrastructure, streamlining border procedures, and improving the quality of its logistics services to maintain its strong performance in the region.
According to the report, logistics performance is closely linked to a country’s economic growth and competitiveness. The improved logistics performance in Malaysia is expected to help attract foreign investments and facilitate the growth of the country’s trade sector.
The news of Malaysia’s improved logistics performance comes amid the country’s ongoing efforts to revitalize its economy, which has been hit hard by the COVID-19 pandemic. The Malaysian government has been implementing various measures to support businesses and stimulate economic growth, including investment in infrastructure development and digital transformation.
The government has also been working to attract more foreign investment to the country, with a particular focus on the logistics and e-commerce sectors. The improved logistics performance is likely to help bolster these efforts and attract more foreign businesses to invest in Malaysia.
Overall, the World Bank report highlights Malaysia’s strong logistics performance in the ASEAN region and provides insight into areas where the country can continue to improve. With ongoing efforts to stimulate economic growth and attract foreign investment, Malaysia’s logistics sector is likely to play an increasingly important role in the country’s economic development in the years to come.