Agong says Malaysia’s economy to benefit greatly from free trade agreements
28 Feb 2022
The Malaysian economy will benefit greatly from regional and international free trade agreements, said Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.
The King said these agreements represent the backbone of the rules-based multilateral trading system.
According to His Majesty, the ratification of the Regional Comprehensive Economic Partnership (RCEP) would widen market access for local companies and bring manifold opportunities for them, especially small and medium enterprises, to increase their participation in the regional and global value chain.
“Through the National Investment Aspirations framework, the focus will be on the new economic growth sectors that could attract high-impact and technological investments as well as create job opportunities,” the King said when opening the first meeting of the Fifth Session of the 14th Parliament on Monday (Feb 28).
Malaysia will officially be the 12th country to ratify the RCEP on March 18 following its successful submission of the instrument of ratification to the ASEAN secretariat on Jan 17, 2022.
Al-Sultan Abdullah said the government’s proactive action in rejuvenating and boosting the country’s investment and trade had been recognised by global institutions.
“The Milken Institute Global Opportunity Index 2022 has crowned Malaysia as the most attractive investment destination for foreign investors among the newly-emerging Southeast Asian economies,” the King said.
His Majesty also noted that Malaysia’s trade performance had, for the first time, in 2021 surpassed RM2 trillion with exports valued at RM1.24 trillion.
“This means that the country’s export target of RM1.25 trillion by 2025, as outlined in the 12th Malaysia Plan, has been achieved four years early.
“I am confident this success is a reflection of foreign investors’ confidence in the country’s economic fundamentals and investment ecosystem,” the King added.