Malaysia’s Open-door Policy Contributes RM84.2 Bln To Economy – Nga

KUALA LUMPUR, Sept 13 (Bernama) -- Malaysia’s open-door policy has boosted the economy, with foreign residents contributing more than RM84.2 billion a year, including from international property buyers, said Housing and Local Government Minister Nga Kor Ming. 

He said this openness has given Malaysia a competitive advantage over some countries, strengthening the nation’s position as a preferred global destination for tourism, investment, property development and higher education.

According to him, Malaysia’s tourism and international sectors recorded remarkable growth last year, reflecting the MADANI Government’s success in driving sustainable economic development and enhancing 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 revitalising our tourism sector but also positioning the country as a global hub for education, investment and sustainable living,” he said in a statement today.

On the Housing and Local Government Ministry's role in supporting the MADANI Government’s agenda, Nga said the ministry would continue promoting liveable cities, affordable housing, green public spaces and climate-resilient infrastructure to support 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 up 11 places to number 23 in this year’s world competitiveness index,” he said.

He said that according to the Department of Statistics Malaysia, the tourism industry generated RM291.9 billion in 2024, contributing 15.1 per cent to the national economy, one of the best performances in the nation’s history.

“This marks a strong rebound from the pandemic years, with shopping, hotels, food and beverage, and other lifestyle services collectively accounting for over 82 per cent of sector performance.

“Inbound tourism alone surged by 41.1 per cent to RM107 billion, underscoring Malaysia’s enduring appeal as a favourite destination of choice for international travellers, whereas domestic tourism has also expanded by 25.1 per cent to RM98.4 billion, reflecting strong consumer confidence and the success of national initiatives to promote local attractions,” he added.

-- BERNAMA