Malaysia sees surge in high-value reinvestment growth

Malaysia sees surge in high-value reinvestment growth

04 Jun 2024

Malaysia is seeing a surge in high-value reinvestment growth, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.

“Malaysia is actually enjoying reinvestment growth at a big, big pace,” he said at the recently concluded Global Forum on Islamic Economics and Finance.

However, Amir Hamzah emphasised that the country aims to prioritise investments that add significant value rather than accepting all forms of investment.

“More importantly, Malaysia is actually trying to push that reinvestment into a higher value-added basis, as opposed to just welcome all investments.”

The minister pointed to the electronics and electrical sector, including semiconductors, which he said is crucial to Malaysia’s economy.

“Going forward, we’ve seen global trends coming. We’ve seen digitalisation coming in a greater form.”

Amir Hamzah also highlighted trends related to security due to geopolitical events including global developments that affect international relations and security.

“So Malaysia is actually at a very interesting place that is actually beneficiary of a lot of the changing geopolitical trends,” he said.

Beyond mere economic expansion, Amir Hamzah also stressed the nation’s commitment to equitable development, focusing on basic needs like infrastructure, education, and healthcare.

“How do we make sure that the money is got down to all elements of society and address very, very basic things such as providing good infrastructure, education, health, and removing poverty within the country? So there’s a lot of reform that the country is trying to do to address that so that it builds a much more resilient future, a much more inclusive future.”

Moreover, he stressed the importance of sustainable growth as well as stringent measures against corruption to ensure equitable wealth distribution.

“In that sustainability, making sure that, as our Prime Minister said earlier, the governance framework within the country must run according to where it needs to be.

“Our fight against corruption is fundamental so that we can remove leakages that occur, distortions that occur, and make sure that the wealth of the country actually is evenly distributed to parts of society that actually need it,” he said.

He said that by considering all aspects holistically, Malaysia can be strengthened and unified.

Source: The Sun