"A unified effort of Malaysia's government and private sectors will drive change to accelerate the country's ambition to become a technologically advanced economy, bolstering support for high-profile investment projects," said Mak.

As for ASEAN, Standard Chartered noted that the region was the third highest recipient of FDI globally, with inflows of US$174 billion, returning to pre-pandemic levels.

Trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), are expected to accelerate growth further.

With the RCEP in place, 81 per cent of business leaders surveyed plan to increase investments in ASEAN over the next three to five years.

Overall, 93 per cent of them expect positive revenue growth from their ASEAN businesses.

Standard Chartered Asia CEO Benjamin Hung said Asean is an oasis of growth, with its gross domestic product forecasted to grow about four per cent annually to US$4.5 trillion by 2030.

"Amidst global complexities, we see structural trends presenting significant opportunities in ASEAN. There is growing interconnectivity in trade and capital flows, strong digital adoption, and an acceleration of the green transition.

"Corporates need to act decisively to capture what ASEAN has to offer today," he said.