Malaysia on a mission to win economic race in Southeast Asia – Sim - MIDA | Malaysian Investment Development Authority
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Malaysia on a mission to win economic race in Southeast Asia – Sim

Malaysia on a mission to win economic race in Southeast Asia – Sim

19 Jun 2023

Malaysia is now on a mission to win an “economic race” among neighbouring Southeast Asian countries after being deemed to have “lost many opportunities” amid the COVID-19 pandemic.

Deputy Finance Minister II Steven Sim Chee Keong said the effort is reflected in the development expenditure allocation which was raised to RM97 billion for 2023 compared to RM71.6 billion last year.

He also said the Federal Government will continue to focus on Johor’s development considering that the state attracted the highest foreign direct investment in the country last year at RM80.6 billion.

“The unity government (led by Prime Minister Datuk Seri Anwar Ibrahim) is now on a mission to regain lost economic and investment opportunities and we want to win this race,” he said in his speech at the launch of the City Link Skybridge pedestrian walkway project here today.

“A few years ago when we heard the news that Tesla wanted to invest in Indonesia, many of us were worried that foreign investment would flee to neighbouring countries, but in a short time span we have been able to attract investments, including Tesla, Amazon, Geely and Rongsheng Petrochemical Co Ltd,” he said.

He said that to ensure all these investments will become a reality, the government through the relevant agencies will continue to facilitate foreign investments to enter more aggressively.

Sim also officiated the construction of a 280-metre elevated skybridge costing RM50 million that will link Coronade Square to Johor Bahru Sentral, where the Rapid Transit System is located.

Coronation Square is an integral part of the RM5 billion Ibrahim International Business Centre.

Source: Bernama