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South-east Asia rises as offshoring powerhouse amid MNCs’ cost-cutting drive: Knight Frank

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Tan Ai Leng

Tan Ai Leng

Published Fri, Apr 5, 2024 · 01:10 PM
    • Malaysia, which commands roughly more than 8 per cent of the Asia-Pacific offshoring market, has been ranked the world’s third best for offshoring for over two decades.
    • Malaysia, which commands roughly more than 8 per cent of the Asia-Pacific offshoring market, has been ranked the world’s third best for offshoring for over two decades. PHOTO: TAN AI LENG, BT

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    MALAYSIA continues to secure its prized third spot as the world’s best global offshoring location, next to giants India and China. The country’s strong digital ecosystem, competitive real estate prices and rich pool of skilled digital talents make it a standout in South-east Asia for global companies, said a recent report.

    Challenging economic conditions – chiefly higher operating costs for multinationals – have also turned its regional peers Vietnam and the Philippines into promising outsourcing hubs, said real estate consultancy firm Knight Frank in a report Asia-Pacific Horizon: Harnessing the Potential of Offshoring.

    The report, released this week, said the global offshoring market is expected to grow to US$544.8 billion in 2032, from US$245.9 billion in 2022 – an 8.5 per cent compound annual growth rate (CAGR).

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