This article first appeared in The Edge Financial Daily, on October 26, 2015.

KUALA LUMPUR: Former minister Tan Sri Rafidah Aziz is confident Malaysia can rise from its current state of decline, adding that it should undergo a rebranding exercise as it loses foreign investors and tourists.

She said Malaysia still has the fundamentals that allow it to soar as a “tiger economy” and role model decades ago, and it is time the country shows its true capabilities to the world once again.

“The rebranding of Malaysia must be about showing the world that we are governed well in all spheres. That we are the real examples of success of unity in diversity.

“That our young people are on par with the global best ... and are enabled to move the country forward.

“That the country and the people are committed to ensure that there continue to be that enabling environment for further success and development,” Rafidah wrote in a Facebook post.

The former minister of international trade and industries said the rebranding effort should involve not just the government, but all of society.

She said Malaysia is falling behind due to strong competition abroad, as well as its own “domestic issues and aberrations”.

“We have strong competitors vying for the same things. Investment, to be competitive hubs for regional and global operations to serve markets at large; and location to establish centres of excellence, such as for R&D (research and development), technology and process development, and the production and supply of state-of-the-art products and services.

“We also have to compete for the tourist dollar ... especially to attract tourists from countries where newly empowered populations have higher disposable incomes.”

She said tourists and investors evaluate Malaysia based on what the country offers as well as on their perception.

But she reminded the public that the country still has the resilience to persevere and the qualities to make its presence felt again.

“We need a refreshed and rejuvenated Malaysian spirit and commitment.

“Let us give a strong and powerful meaning to the word ‘transformation’. Let us transform to be one of the best again.” — The Malaysian Insider