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Foreign investment boost

Foreign investment boost

31 Jan 2024

Malaysia’s economy is set to grow by up to 5% this year, thanks to the expected rise in local and foreign investment, says Deputy Prime Minister Datuk Seri Fadillah Yusof.

He said the implementation of key strategic plans by the government over the past year have placed Malaysia in an ideal position to continue its growth this year.

“Our effective investment strategies have paid off well with data from January to September 2023 showing that we have attracted RM225bil in investments, a 6.6% increase from before,” he said in his keynote address at the 2024 Global Economic and Strategic Outlook Forum here yesterday. He noted that the investments came from 3,949 different projects and are expected to create 89,495 new jobs.

“This will continue to reinforce the country’s strong performance and position in services, manufacturing and primary industries within the region.

“The implementation of key strategic plans like the Madani Economy, New Industrial Master Plan (NIMP) 2030, the National Energy Transition Roadmap (NETR), and Mid-Term Review of the 12th Malaysia Plan, will further catalyse both foreign direct investments and domestic direct investment in 2024,” he said.

He added that planned major transit infrastructure projects such as the Klang Valley LRT3 and East Coast Rail Link (ECRL) were also set to become major economic drivers. Together with the proposed Johor-Singapore Special Economic Zone and Special Financial Zone in Forest City in Johor, he said this was set to strengthen various key sectors including education, finance and tourism.

Fadillah, who is also the Energy Transition and Public Utilities Minister, called for increased collaboration between the private sector and civil society, which would accelerate the country’s push towards sustainability.

“These partnerships will offer a powerful platform for innovation, information sharing and driving meaningful change,” he added.

Over 100 industry players and leaders attended the forum, which had two interactive sessions on general economic outlook as well as another on the corporate outlook.

The forum was held by the KSI Strategic Institute for Asia Pacific (KSI), along with the institute’s 2024 Global Corporate Excellence and Sustainability Awards ceremony.

The awards saw Star Media Group (SMG) take home the Global Media Excellence Award for International News and Features, which was received by SMG chief content officer Datin Paduka Esther Ng.

The awards were handed out by Fadillah along with KSI president Tan Sri Michael Yeoh, KSI chairman Tan Sri Datuk Majid Khan, and KSI deputy chairman Datuk Seri Mohamed Iqbal Rawther.

Source: The Star