KUALA LUMPUR, March 28 — Malaysia has been recognised by the World Bank as among the top countries in the world to promote strong reforms, Prime Minister Datuk Seri Najib Razak said today at the official opening of the group’s regional office here.

Najib added that World Bank’s selection of Malaysia as the location for its Southeast Asian headquarters proves the efficacy of the country’s fiscal consolidation efforts, including the slashing of subsidies and the introduction of the Goods and Services Tax.

“I am pleased that President Jim Yong Kim cited Malaysia as one of the countries with strong reforms that promoted growth during IMF/World Bank annual meetings in Peru last October,” Najib said in his opening speech.

“Such a clear endorsement of the government’s reform and transformation agenda is welcomed indeed,” he added.

The World Bank Group office in Kuala Lumpur will serve as a knowledge and research centre.

Last month Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, said the office, which would be located at Sasana Kijang, would enable Malaysia to share its development experience with other developing countries while benefitting from the World Bank’s international experience and expertise.

Najib said today the establishment of the World Bank office here indicated Malaysia’s international competitiveness.

“The establishment of the World Bank Group office here reinforces the fact that Malaysia is one of the most favoured locations for international organisations and businesses in the region,” he said.