KUALA LUMPUR, May 19 (Bernama) -- The bold initiatives taken by the government has helped to push up Malaysia to the top 10 most competitive economies in the world, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Wednesday.

The 2010 World Competitiveness Yearbook released today has placed Malaysia among the top ten competitive nations of the world.

"This unprecedented result is clearly rooted in the innovation and bold initiatives the government has undertaken this past year to drive development and economic growth and create a resilient private sector," Mustapa told reporters at the 6th World Islamic Economic Forum, here today.

Malaysia for the first time since 1999 has earned a position among the top 10 most competitive countries in the world, jumping eight notches to 10th place this year from 18th position in 2009.

The yearbook is published by the Swiss-based Institute for Management Development.

"With an index score of 87.228, Malaysia has joined the ranks of the most competitive countries in the world, sharing the top 10 ranking with Singapore, Hong Kong, the United States, Switzerland, Australia, Sweden, Canada, Taiwan and Norway.

Noting that it was an outstanding performance, Mustapa said Malaysia has overtaken several developed countries such as Denmark, the Netherlands and Luxembourg, adding that the country continues to be ahead of the United Kingdom, Korea and Thailand.

Mustapa said a remarkable advancement in the government efficiency rating, where it has moved up to 9th from 19th place, demonstrated that the Government Transformation Programme (GTP) was beginning to deliver results.

The GTP, launched last year, has focused government efforts in key areas such as enhancing the business climate, fighting corruption, improving the infrastructure, streamlining government procedures and strengthening the education system.

"While the government has implemented the right policies to improve competitiveness, local entrepreneurs have played a vital role in leveraging this business climate to create change and drive growth," Mustapa said.

The business efficiency rating has gone up to 4th place from 13th place previously.

Mustapa said the government will continue to enhance the services delivery system, strengthen high quality investments, groom small and medium enterprises for global competition and nurture innovation and creativity.

-- BERNAMA