Kuala Lumpur, Oct 15 (IANS) Evaluation instruments to better guide Malaysia's investment policy are being developed to maintain the country's momentum as a major investment destination for key industries, a Malaysian official said on Tuesday.

Such instruments or "scorecard" will be aligned with the country's National Investment Aspirations (NIA) policy, which is composed of six pillars, namely increasing economic complexity, creating high-value jobs, extending domestic linkages, developing new economic clusters and improving inclusivity, and environmental, social, and governance (ESG), Malaysian Investment, Trade and Industry Deputy Minister Liew Chin Tong said in his keynote speech at the Securities Commission-World Bank Conference 2024.

"A 'scorecard' that we can use to measure high-quality investment is the six pillars of the NIA...For Malaysia to reach the next level and to have high yet sustainable growth, the capital market and everyone else will have to collaborate to seize the once-in-a-generation opportunity of the second takeoff to make Malaysia a regional economic powerhouse," he said.

Liew also said the Southeast Asian country is also expected to continue benefitting from geopolitical tensions that have seen the relocation of key manufacturing operations to Malaysia, which have greatly benefitted its micro, small and medium enterprises (MSMEs), with the government aiming to support these enterprises due to their vital role in accelerating Malaysia's economic development, reports Xinhua news agency.

"Malaysia is uniquely positioned to benefit. Malaysia has a stable society with the rule of law, reasonably good infrastructure, a multilingual and multicultural workforce and strategic location in global trade routes," he said.

"The shifts in the global economy are providing Malaysia with an opportunity that we must grow Malaysian technology companies, starting with MSMEs and mid-tier companies," he added.

With the theme "Empowering MSMEs: Cultivating Compassionate Growth through the Capital Market", this year's iteration of the conference highlights the critical role of MSMEs in driving economic growth and inclusive development.