‘INVESTORS SEE NATION FAVOURABLY’
UK and US investors appreciate Malaysia’s clear-cut plans, says Amir Hamzah
THE Madani government’s robust economic framework and clear direction for Malaysia, coupled with political stability, have significantly bolstered the confidence of potential investors in the United Kingdom and the United States.
Finance Minister II Datuk Seri Amir Hamzah Azizan said this was the general sentiment garnered from his engagements with bankers, analysts and prospective investors at the 2024 Spring Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, D.C., as well as investor meetings in New York.
In an interview with the New
Straits Times here, he said it was crucial to provide foreign investors with updates on the progress that’s been made in Malaysia since the Madani government assumed power 18 months ago.
He underscored the importance of follow-up visits following efforts by Prime Minister Datuk Seri Anwar Ibrahim to attract investments to Malaysia.
“These engagements allow us to showcase and explain the ongoing transformation and reforms within the country, instilling greater confidence in investors.
“We’ve made substantial changes with our Madani economic framework, supported by detailed plans that have translated into tangible successes for the country,” he said.
Amir Hamzah said he and his delegation, during their visit, also met with rating agencies such as Standard and Poor’s, Moody’s and Fitch to provide updates on Malaysia’s latest developments.
“The increased understanding among rating agencies about the positive changes in Malaysia is important. As our ratings improve, the cost of doing business decreases, facilitating greater investment inflows,” he said.
He highlighted investors’ appreciation of Malaysia’s clear-cut plans and decisive actions.
“Investors perceive Malaysia’s proactive stance favourably, acknowledging the tangible changes already in motion,” he said, adding that they were keen to see if Malaysia is able to address pertinent issues and reclaim its status as an Asian Tiger.
Amir Hamzah was confident that the collaborative efforts between the government and Bank Negara have instilled confidence in investors, showcasing a meticulously laid out game plan within the Madani Economy framework.
Malaysia, he noted, has made significant strides in economic transformation. Pointing to the record-high approved investments for 2023 amounting to RM329.5 billion, Amir Hamzah attributed this success to Malaysia’s clarity, stability, and ongoing infrastructure reforms.
He also drew attention to the importance of strong governance structures in driving Malaysia’s comprehensive strategy to tackle economic and social hurdles.
“Our focus is not only on expanding the economic pie but also on uplifting society by ensuring wealth distribution and providing a social safety net for vulnerable segments.
“The government’s commitment to enhancing the welfare of its citizens encompasses a multifaceted approach, which includes expanding the social protection net, empowering individuals to improve their livelihoods, and creating better employment prospects.
“The introduction of new industries into the country will result in a broader spectrum of job opportunities for our people,” he said.
The minister also touched on initiatives such as the National Energy Transition Roadmap and the New Industrial Master Plan 2030, which were pivotal in transitioning Malaysia to an economy driven by high-value industries.
Investors, he said, recognise that Malaysia strategically leverages its existing strengths rather than venture into unfamiliar territory.
“Our new economic approach is built upon established strengths, particularly in the electronics and semiconductor sectors, where Malaysia holds a prominent position as a leader,” he said.
Malaysia, he said, has over the past decade also made substantial investments to enhance its digital infrastructure and bolster the fibre industry, among other key initiatives.
These efforts, he added, have significantly upgraded the business environment for foreign enterprises operating in Malaysia.
“We’ve witnessed a notable influx of investments, particularly in the field of artificial intelligence, already available in Malaysia. Equally important is investors’ confidence in our workforce’s capabilities to navigate challenges within these sectors, paving the way for further advancements.
“Additionally, they recognise the potential to contribute to upskilling initiatives for our workforce,” he said.
On Malaysia’s transition to a new era, Amir Hamzah said there is a resurgence in interest from businesses looking to establish operations in the country.
This, he said, reflected a growing recognition of Malaysia’s economic evolution and its attractiveness as a destination for business ventures.
Our focus is not only on expanding the economic pie but also on uplifting society by ensuring wealth distribution and providing a social safety net for vulnerable segments. DATUK SERI AMIR HAMZAH AZIZAN
Finance minister II