Malaysia’s economy can be revitalised through policies, national initiatives, says King
13 Feb 2023
The implementation of national policies and initiatives, such as the new investment policy based on the National Investment Aspirations, will drive the nation’s economy and achieve its targets, said Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah.
He said socio-economic development programmes such as the economic empowerment agenda, digitalisation and technology adoption, entrepreneurship and human capital development are vital to boost economic growth.
At the same time, the unity government should continue its efforts to achieve the zero hardcore poverty target by 2025, in line with the first Sustainable Development Goals indicator, which is zero poverty, he said.
“Strategic and high-impact industries such as green technology and electric vehicles should continue to be explored to create a new revenue stream for the nation,” he said during the opening ceremony of the first meeting of the second session of the 15th Parliament sitting.
The King added that the government will also focus on the reform agenda to strengthen Malaysia’s competitiveness in becoming the destination of choice for investments.
He noted that the nation’s exports increased by 25% year-on-year to RM1.552 trillion in 2022, surpassing the national export target of RM1.25 trillion, which was expected to be achieved by 2025 under the 12th Malaysia Plan, thus achieving the feat three years earlier than the target.
Al-Sultan Abdullah also noted that the government had introduced the Water Sector Transformation 2040 (WST 2040) agenda.
“Aside from contributing to national gross domestic product (GDP), the WST 2040 will also create new job opportunities and facilitate science, technology, research and innovation developments, as well as commercialisation,” he said.
His Majesty also commended the agri-commodity sector for its significant contribution to GDP, the country’s export revenue and the development of rural communities, especially in reducing the income gap and the poverty rate.
He said from January to September 2022, the sector contributed RM61.3 billion to the nation’s economy, equivalent to 5.5% of GDP.
His Majesty also noted that like many other countries, Malaysia had not been spared from the trials of inflation and the rise in the cost of living.
As such, he welcomed efforts to empower the National Action Council on the Cost of Living through a comprehensive approach involving producers, traders, consumers and government agencies.