Clarity of policies vital to generate confidence in foreign, domestic investors — Anwar
03 Oct 2023
Prime Minister Datuk Seri Anwar Ibrahim said the clarity of policies is important to generate confidence in foreign and domestic investors.
Through clear policies, like the Madani Economy framework, the National Energy Transition Roadmap (NETR), the New Industrial Master Plan 2030, and even the 12th Malaysia Plan Mid-Term Review, the government has moved away from the traditional manner of reviewing policies.
Instead, it has made shifts and adjustments considering the challenges that the country is facing at present, said the prime minister.
He said he would be more optimistic about the outcome of the future if the government manages the economy with clarity of policies and plans ahead to achieve results while dealing with problems with tenacity.
“Clarity on policies is important to generate confidence in foreign and domestic investors because there is a trust deficit in general.
“Also, (there is a trust deficit due to previous) policies that had been carved out to benefit the elites at the expense of most of the population. So, this shift in governance, in attitude, is, to me, critical,” Anwar said in his closing remarks at the Khazanah Megatrends Forum (KMF) 2023 today.
Khazanah Nasional Bhd, the country’s sovereign wealth fund, organised the event.
Anwar, who is also Khazanah’s chairman, said resistance to change oftentimes is from the elites who are used to abuse of power and position or corruption as a standard practice.
“What we mean by policy or paradigm shift is to acknowledge the limitation of the past and take a new course, policies and ways of doing things that are critical to enable action or change.
“Things fall apart because there are some fundamental flaws in the system. Therefore, there must be a preparedness to shift, formulate new policies and part from the past of doing things,” he said.
Anwar also acknowledged that while Malaysia needs to succeed and grow robustly, new policies and actions must not ignore the issues of poverty and gross inequality.
The Prime Minister, meanwhile, said the Cabinet has consistently discussed and acted on issues of ease of doing business and that it has been struggling to make sure that the bureaucratic incumbrances end.
“Interestingly, for tomorrow’s Cabinet (meeting), for the first time, I have asked for the report on the status of selective companies and to see when the application (was made) in principle, the departments they have got to go through (to get) all approvals, the time taken, the reason given and the final approval.
“This is because no amount of assurance would satisfy investors until we can effectively act upon their reasonable concerns. Of course, we will not compromise on stated policies or environmental impacts,” he said.