Business-savvy countries: Malaysia only Muslim nation among world's top 10

Malaysia is the only Muslim country that has successfully climbed the rank to become among the top 10 global economies in terms of ease of doing business, Prime Minister Datuk Seri Najib Tun Razak said yesterday.

Referring to the World Bank's 'Doing Business' 2014 Report that was released Tuesday, he said this was the result of the effectiveness of the government's reform programmes.

Showing his delight over the news, Najib said within a year, the country's position has jumped from 12th position to sixth placing.

"We must remain competitive, so reforms must take place. We must be vigorous in reforms. I am delighted that within a year, Malaysia has moved up to number six.

"We are the only Muslim world in top 10," he told a press conference after the leaders' special address session at the 9th World Islamic Economic Forum (WIEF) here yesterday.

Earlier, Najib shared his happiness on the improved ranking with some 2,000 participants of the forum when delivering his keynote address.

Malaysia surged to sixth position in the ease of doing business from 12th previously among 189 economies in the World Bank's report.

Touching on the challenges that Malaysia may face domestically against the backdrop of global uncertainties in the future, the prime minister said the government was not facing anything different from other countries in the sense that the country need to keep the engines of growth growing.

"We have to ensure that our policies lead to expansionary growth, but at the same time, it has to be on the back of fiscal consolidation.

"That's important because growth has to be sustainable and not looking at growth of one or two years," said Najib, who is also the Finance Minister.

The prime minister also assured that the government would continue to take care of the people's welfare.

For example, he said, when the government reduced subsidies, it would in turn strengthen social safety net for the people's well-being.

Later, Najib witnessed three signing ceremonies among Malaysian companies including the property financing agreement between Tabung Haji, Maybank Islamic, Standard Chartered Saadiq and OCBC Al-Amin.