More than 80% of Malaysia’s business leaders remain confident in globalisation and trade: Standard Chartered 

• 74% of leaders note that global free flow of data has positive impact
• 78% state that global trade allows for sustainable development

A new white paper by Standard Chartered, Resetting Globalisation: Catalysts for Change, has revealed that 88% of global business leaders, including those in Malaysia, agree that globalisation is succeeding across the five underlying pillars of trade, capital, technology, talent, and sustainability.

In Malaysia, business leaders express the most confidence in the role of capital in globalisation (75%), although 11% believe the flow of capital worldwide should be controlled, the highest among surveyed markets.

Malaysian business leaders, more than their peers in other markets, are likely to say that international trade has been good for only a few economies (52%). However, over 80% acknowledge that globalisation has built more resilient supply chains, and globalised services have created significant opportunities in the country.

The research also highlights that 78% of respondents believe global trade allows for sustainable development, with 58% emphasising the importance of considering sustainability in the movement of goods and services. Regarding climate change solutions, 63% of business leaders in Malaysia believe in a global approach, with 43% willing to trade higher returns for more responsible investments.

Technology is a strong theme, with 74% of leaders stating that the global free flow of data has had a positive outcome. Business leaders emphasise the importance of ensuring the digital future of finance is safe and secure for everyone. In addressing talent and culture, 66% agree that businesses should be able to hire talent from anywhere in the world.

The white paper, in partnership with Bloomberg Media Studios, captures the sentiments of over 3,000 global business leaders across 20 markets in Africa, Asia, Europe, the Middle East, and North America on the drivers of globalisation, including trade, capital, technology, talent and sustainability. It aims to identify catalysts for change to enable a new model for globalisation based on inclusivity for smaller businesses and developing markets, increased transparency, and more sustainable development.

Mak Joon Nien (pic), CEO, Standard Chartered Malaysia, expressed: “It’s clear that globalisation needs a reset against the current backdrop of increased geopolitical tensions, the global energy crisis, supply-chain issues and a decline in foreign investment. Despite concerns, business leaders in Malaysia remain in favour of globalisation, more resilient and inclusive trade, greater capital flows to bridge funding gaps in growing markets, and for more people to benefit from technological progress. They are increasingly aware of the need for collaboration and connection to drive sustainability and ensure continued economic development.”