Malaysia is projected to improve its ranking in the annual Globalisation Index to 20th this year from 26th previously, with Malaysian companies focusing on three key factors, namely, strategic thinking, execution and learning.
Azwan Baharuddin, markets leader for Ernst & Young, in stating this, also concluded that Malaysian companies need strategic thinking that can capitalise on the global and regional opportunities.
"This is particularly in markets which may not have been considered before," he said.
He was speaking to reporters on Ernst and Young's 2013 globalisation report, Looking Beyond the Obvious: Globalisation and New Opportunities for Growth, here yesterday.
Azwan said industry areas that would be a major focus include, oil and gas, education, tourism, healthcare and agriculture.
"As one of Asia's fastest growing economies, Malaysia performed marginally higher than the global average while maintaining its position at the 26th place.
He also said, an analysis of the 2012 Globalisation Index results indicates Malaysia is progressing steadily, driven by technology and trade.
"However, there are several issues that Malaysian companies need to focus on as they are growing," he added.
For instance, he said, they need to create customised strategies for chosen markets, while leveraging on technology that offers businesses the potential to grow. "Companies also need to review their operational processes and adopt speed and flexibility in meeting the rapidly changing markets."