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Malaysia continues to eye high-quality advanced tech-oriented investments, says Azmin Ali

Malaysia continues to eye high-quality advanced tech-oriented investments, says Azmin Ali

14 Oct 2021

Malaysia will continue to target high-quality advanced technology-oriented investments in new growth areas that also focuses on long-term sustainability that is compatible with the environmental, social and governance (ESG) goals.

Senior Minister and the Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said new investments that are anchored upon these elements would propel growth in the technologically sophisticated sectors.

“As encapsulated in the 12th Malaysian Plan (12MP), particular emphasis is given to ESG elements as the new licence for business to operate, since there is increasingly no alternative with both consumers and investors demanding it.

“ESG will map how business can be a catalyst for addressing our climate crisis, and the challenges and opportunities that the climate change economy presents,” he said in a pre-recorded special address at the Invest Malaysia 2021 Virtual Series 1 on Thursday.

He said with Malaysia’s strong economic fundamentals, the government is confident in the prospect of sustainable recovery, equitable economic growth and shared prosperity.

“We are determined to achieve all this through collaboration, partnership and a spirit of optimism that envisions, not just Malaysia or the ASEAN but the whole world, heading together toward a brighter future,” he said.

Mohamed Azmin said the government would also continue to strengthen the country’s economic fundamentals through the implementation of open, transparent, and business-friendly trade and investment policies.

He said this included the ongoing efforts by the government to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Cooperation Agreement (RCEP). 

“Like all the others the world over, our economy has been battered by the onslaught of the Covid-19 pandemic.

“Our Bursa (Malaysia) has gone through thick and thin but, as they say, we have taken the beating on the chin and, at final count, we remain standing. That is undoubtedly an achievement,” he said.

He said it is quite evident that investing in resilience is to invest for long term strategic gains in as much as the country wanted capital inflows that could promote economic growth.

“In this regard, we place top priority on both foreign direct investment (FDI) and direct domestic investment (DDI) as they clearly have a positive impact on growth,” said.

On the trade sector, he said total trade in August 2021 saw an upward trajectory, expanding 15.7% to RM169.8 billion with exports growing by 18.4% to reach RM95.6 billion.

“In the first half of 2021, FDI soared by 223.1% compared to the same period in 2020. Malaysia recorded RM107.5 billion of total approved FDI and DDI in the manufacturing, services and primary sectors, almost 70% higher compared to the same period last year,” he said.

He said these investments involved 2,110 projects and are expected to generate 45,000 job opportunities.

Mohamed Azmin said an increasing number of capital-intensive projects approved by the Malaysian Investment Development Authority (MIDA) would help create a wide spectrum of high-value and skilled employment opportunities.

“Malaysia continues to attract high value, high-tech investments through our pool of high-skilled talents and readiness in adopting advanced technology for value-added industries,” he added.

Source: Bernama