Malaysia ready to get back on track as regional and international investment hub
14 Oct 2021
Malaysia’s Covid-19 National Immunisation Programme, the largest vaccination exercise against the virus which started in February, has paved the way for the nation’s economic revival amid the pandemic.
Prime Minister Datuk Seri Ismail Sabri Yaakob said the successful results of active vaccination efforts conducted nationwide had enabled a safe environment for investors.
“As a result, Malaysia is now ready to get back on track as a hub for regional and international investments. This is made possible through continuous cooperation with every member of Keluarga Malaysia.
“Today, safe bubbles for all businesses with new norms are being safely applied.
“Malaysia provides the most conducive environment for business communities to invest. We are the gateway to the Asean market through the Regional Comprehensive Economic Partnership (RCEP).
“As for the international stage, Malaysia remains an active key player in the Comprehensive and Progressive Agreement for TransPacific Partnership.
“This international economic collaboration provides more than 500 million participants with a combined Gross Domestic Product (GDP) of USD10 trillion,” he said before launching the virtual conference of Invest Malaysia Kuala Lumpur 2021 Series 1 themed Rebuilding A Sustainable Economy organised by Bursa Malaysia and Maybank.
He added that the collaboration of 15 countries within the RCEP alone, which generates almost 30 per cent of the global GDP, will present local corporations and micro, small and medium enterprises a more level playing field while facilitating access to larger regional markets.
“This climate of growth is further strengthened by Malaysia’s consistent improvement in the field of digital infrastructure.
“In the past years, Malaysia had witnessed rapid growth in digital economy, online businesses and cashless transactions,” he said.
Aware that the country’s future is connected to the environment’s health, Ismail Sabri said Malaysia has its eyes on developing green technologies in the National Fourth Industrial Revolution (4IR).
He said as more countries adopt carbon neutrality targets, Malaysia too has begun encouraging numerous sectors and industries in developing the necessary technology.
“In light of this, Bursa Malaysia and various government ministries are now consistently collaborating to launch a voluntary carbon market, in transiting into a zero carbon economy.
“To date, the government and private sectors are working together on shared vision and strategies in ensuring inclusive environmental-friendly economic growth.
“We aim to become a carbon neutral country as early as 2050,” he added.
The Malaysian Digital Economy Blueprint (MyDigital) and 4IR, which are both aligned with the National Policy on Science, Technology and Innovation (DSTIN) 2021-2030, aims to develop Malaysia as a high tech nation by 2030, he said.
He said with the 4IR, the country was inspired to create an ecosystem within the economy that will be led by science, technology and innovation.
“It will facilitate local technology development by creating economic opportunities and developing talents in areas such as Artificial Intelligence, the Internet of Things and Blockchain Technologies.
“Moreover with MyDigital, areas of policy making will be focusing on developing the infrastructure and human capital. This will ensure broad access and optimum utilization of new generations of technologies.
“In reaching such targets, the government has identified significant key strategies in economic reform. The strategies are designed to escalate economic recovery and enhance the country’s competitive landscape for investors.
“It will eventually allow wider participation from both regional and international investors,” he said.