Recent moves by companies such as Gardenia and H&M to shift some operations from Singapore across the Causeway have put the spotlight on Malaysia’s growing appeal as a more affordable base for businesses facing high costs and a tight labour market in the city state. But while the trend may look like an easy win for its neighbour – bringing investment, jobs and spillover opportunities – analysts say the gains could come with trade-offs, as an influx of firms drives up competition for skilled...