Govt committed to attaining positive equilibrium between FDI and DDI, says Anwar
05 Oct 2023
The government, through the Ministry of Investment, Trade and Industry (Miti), is committed to attaining a harmonious blend of foreign direct investment (FDI) and domestic direct investment (DDIs) to foster eco-friendly and equitable growth throughout the nation, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also Finance Minister, said the government hears the clarion call by the industry to continue to promote DDIs and is very much conscious of the need to further spur its growth.
“The government has set DDIs as a key performance indicator for growing the country’s total investment due to its potential in strategically attracting more FDIs under the MADANI Economy framework,” he said in a keynote address at the Federation of Malaysian Manufacturers 55th-anniversary gala dinner, here today.
Deputy Prime Minister and Plantation and Commodities Minister Datuk Seri Fadillah Yusof delivered the keynote address on behalf of the prime minister.
Anwar explained that strategic DDI can attract more FDI, as foreign investors see it as a benchmark for domestic investors’ confidence and commitment to government policies for strengthening the nation’s investment and business landscape.
“Having a more strategic domestic industry ecosystem is crucial for generating more sustainable gross domestic product growth and more comprehensive efforts would be put in place to increase DDIs.
“Government-linked companies and government-linked investment companies would continue to play an important role in driving DDIs and support the development of local vendors in strategic sectors, namely electrical and electronics, the digital economy, and aerospace,” said the prime minister.
He also highlighted that the Malaysian manufacturing community is instrumental in supporting the MADANI Economy framework and achieving the targets set for the next 10 years.
Amongst others is to be a leader of the Asian economy, ranked top 30 largest economies in the world, top 12 ranked in global competitiveness, increase labour share of income to reach 45 per cent and increase female labour force participation to 60 per cent.
“The manufacturing sector serves as a key engine of growth to drive the nation’s next phase of economic expansion.
“The New Industrial Master Plan 2030 (NIMP 2030), which is a key component of the Madani Economy, aims to revitalise the manufacturing sector to ensure Malaysia remains resilient amidst growing challenges and megatrends,” he said.
Anwar also called on the industry to strengthen their cooperation in the technical and vocational education and training (TVET) ecosystem by getting involved in more industry-driven initiatives, such as the Academy in Industry initiative, towards building a local pool of skilled talent.