Kuala lumpur: Malaysia's open-door policy has significantly bolstered the nation's economy, with foreign residents contributing over RM84.2 billion annually, including investments from international property buyers, according to Housing and Local Government Minister Nga Kor Ming.
According to BERNAMA News Agency, this policy has provided Malaysia with a competitive edge over other countries, enhancing its status as a preferred global destination for tourism, investment, property development, and higher education. The minister emphasized that the success of the tourism and international sectors last year highlights the MADANI Government's effective approach to sustainable economic growth and global competitiveness.
"This dual success in tourism and foreign investment demonstrates that Malaysia is on the right track under the MADANI Government's leadership. We are not only revitalizing our tourism sector but also positioning the country as a global hub for education, investment, and sustainable living," Nga stated in a recent statement.
Discussing the role of the Housing and Local Government Ministry in aligning with the MADANI Government's objectives, Nga mentioned the ministry's commitment to promoting livable cities, affordable housing, green public spaces, and climate-resilient infrastructure for both domestic and international communities.
"With tourism thriving and global residents deepening their roots in Malaysia, the MADANI Government's bold reforms and vision are delivering real results-strengthening the economy, uplifting communities, and enhancing the country's global standing, which saw Malaysia's world ranking rise 11 places to number 23 in this year's world competitiveness index," he remarked.
Nga also noted that the Department of Statistics Malaysia reported the tourism industry generated RM291.9 billion in 2024, contributing 15.1 percent to the national economy, marking one of the best performances in the nation's history. This signifies a robust recovery from the pandemic years, with sectors such as shopping, hotels, food and beverage, and other lifestyle services collectively accounting for over 82 percent of sector performance.
"Inbound tourism alone surged by 41.1 percent to RM107 billion, underscoring Malaysia's enduring appeal as a favorite destination of choice for international travelers, whereas domestic tourism has also expanded by 25.1 percent to RM98.4 billion, reflecting strong consumer confidence and the success of national initiatives to promote local attractions," Nga added.