High-impact investments will bring spillover effects to economy: Maybank CEO
08 Mar 2023
Malaysia continues to attract high-impact investments that will bring about spillover effects to the economy over the medium and long term, said Maybank group president and CEO Datuk Khairussaleh Ramli.
He said with Malaysia Madani, the country is a blueprint for sustainable growth, namely the six core values of Madani – Sustainability, Prosperity, Innovation, Respect, Trust and Compassion – emphasise a “humanistic economy” by merging the social component with economic development.
“Budget 2023 is the first step in laying the Malaysia Madani development framework under the unity government. A holistic approach is prescribed, as seen in measures tabled in Budget 2023, and we welcome the support given to businesses to grow equity whilst ensuring adequate social safety nets to secure the future of those in need, especially vulnerable groups.
“More specifically, we aspire to drive sustained investment and allocate sufficient resources to high-growth areas to maintain long-term economic growth,” he said in his opening remarks at the Invest Malaysia 2023 event here today.
In this respect, he said transition investment and financing are similarly important for Malaysian businesses to take heed of.
“We believe Invest Malaysia provides a great opportunity for investors to better understand Malaysia’s medium-term fiscal and economic strategy in sustaining development, enhancing competitiveness and reinforcing its growth trajectory.
Khairussaleh said that going digital and enabling a digital economy is another key needle mover for the nation, as this goes beyond operational efficiency for business and individual users, and is a game changer, not only for innovation but also inclusiveness.
Meanwhile, in his Invest Malaysia 2023 welcoming speech, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar said against a backdrop of persistent global inflation, ongoing geo-political conflict and monetary policy tightening, global growth has recovered after the height of the pandemic, though it slowed to 2.9% last year and is expected to only achieve 1.7% growth this year.
“Both the global and Malaysian economies are still growing, albeit at a slower pace. These conditions have brought to light various vulnerabilities as evidenced by manufacturing supply chain disruptions, weather-induced food shortages and shipping bottlenecks, amongst other issues that are yet to be fully resolved,” he said.
Notwithstanding these challenges, Abdul Wahid said the situation has also made space for new strengths, such as an increased sense of urgency to develop and adopt technology and data-driven solutions.
Source: The Sun Daily