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Govt to share strategies to attract more high-quality investments Wednesday

Govt to share strategies to attract more high-quality investments Wednesday

07 Mar 2023

The government will share its plans and strategies to attract high-quality investments especially in facing dynamic and drastic changes in the global landscape, tomorrow.

International Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said these would be disclosed after announcing the country’s performance at the unveiling of the 2022 investment performance report.

“We will announce (our plans) tomorrow. The Malaysian Investment Development Authority (MIDA) will launch the report (investment performance report for 2022) and also our plans for 2023.

“So, I will wait till tomorrow…we will provide details on our plans or our targets for 2023 then,” he said to reporters after visiting GKN Aerospace, here, today.

Tengku Zafrul said this when asked whether the government is in discussions with major investors after the announcements by Tesla and Amazon Web Services.

He said the country needs to be dynamic in its approach and ready to face any global disruption impacts such as the previous COVID-19 as well as the war between Ukraine and Russia, last year.

In doing so, there is a need for not only long-term strategies but also short-term strategies in adapting to these drastic changes, he said.

“What is important is that, whatever our targets, must be agile or dynamic in our planning.

“So, if there are issues such as COVID-19, we must change our approach. For instance, suddenly in five years’ time, there’s an industry that we need to focus on, then we cannot focus on only five industries (our focus previously), hence, we must move to the new industry,” he said.

Tengku Zafrul said if there is an opportunity for Malaysia to play an vital role in the global chain, then the country must take action and not follow the existing plans too closely.

“Don’t be too fixated about not changing our plan especially when there are changes in the world’s dynamics. We need to be agile,” he said.

Source: Bernama