KL home to first World Bank's research office outside Washington

Kuala Lumpur is home to World Bank Group's first research office outside of Washington, becoming an operational hub to facilitate the sharing of Malaysia's rich development experiences with developing countries.

Housed at Sasana Kijang, Bank Negara Malaysia here, the office started operations last month with about 30 local and international researchers, World Bank Country Director for Southeast Asia Ulrich Zachau said.

He said it would be a valuable experience for many countries to learn from Malaysia and the World Bank would also be able to grow and look beyond its horizon in Washington.

"Malaysia has unique experience to be shared and a success story in terms of economic growth and raising the living standard of its people.

"We have identified few specific areas for research, namely financial inclusion and stability and how to reduce poverty through the use of natural resources," he told reporters after signing the final agreement between Malaysia and the World Bank Group for setting up of the office here Thursday.

Deputy Finance Minister Datuk Johari Abdul Ghani signed on behalf of Malaysia.

Zachau said there would be specialised topics which the researchers would determine over time.

On Malaysia's growth projection, he expects the country to enjoy robust growth, backed by its natural resources and success in diversifying its economic sectors.

"Malaysia has a population of skilled workers and human capital across the country as well as quality education," he added.

Johari said the setting up of the World Bank's knowledge and research office in Malaysia would benefit local researchers in learning from the experiences of the World Bank from all over the world.

"It will also provide Malaysia with access to international knowledge and expertise in its transition into an advanced, high-income economy.

"When international institutions like World Bank are willing to set up offices in Malaysia, it's certainly an indication that they recognise Malaysia as one of the countries that have been successful all this while," he added.

Johari said Malaysia was one of the countries identified by the World Bank that had recorded an average growth of more than seven per cent per year over 25 years.