Restoring investor confidence
> Mid-term review of 11MP will focus on sustaining FDI and maintaining Malaysia as destination of choice: Azmin
KUALA LUMPUR: The mid-term review of the 11th Malaysia Plan (11MP), which is scheduled to be tabled in mid-October this year, will focus on restoring investors’ confidence, said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
Speaking to reporters after launching the World Bank’s 18th edition of the Malaysia Economic Monitor yesterday, Azmin said among the challenges faced by the new government is to bring back the confidence of investors.
He said the mid-term review, which was supposed to be tabled this month, will focus on ensuring that the country is able to sustain its foreign direct investments (FDIs) and investors will retain Malaysia as their choice.
“I believe with the robust economic growth, we would be able to bring back more investments into Malaysia,” he added.
Additionally, Azmin said the mid-term review will seek to address the disparity of growth across the states and income inequalities, particularly the B40 community (bottom 40% income group), high youth unemployment rate and the rising cost of living.
He said the government will also address outstanding structural challenges, such as raising labour productivity, ensuring quality investment and innovation, and pushing industries to move up the value chain.
“With digital economy acceleration, I believe that we will explore new opportunities and areas for new investments into Malaysia,” he said, noting the government is looking into increasing the adoption of digital economy.
Currently, he said only 62% of businesses are connected to the internet and only 28% have a web presence.
“We are aware that the digital economy is developing rapidly worldwide. It is the single most important driver of innovation, competitiveness and growth. It holds huge potential for small and medium enterprises. Therefore, various efforts are being undertaken to encourage the utilisation of digital platforms,” he added.