Investors attracted by Malaysia’s stability and reforms, says minister

 

Second finance minister Amir Hamzah Azizan says investors are eager to see whether Malaysia can tackle important issues and reclaim its position as an economic powerhouse in Asia.

PETALING JAYA: The political stability shown by Malaysia, coupled with ongoing reforms within the country, has boosted the confidence of potential investors from the UK and US, according to second finance minister Amir Hamzah Azizan.

Amir said that investors had shown appreciation for Malaysia’s clear-cut plans and decisive actions.

“Investors perceive Malaysia’s proactive stance favourably, acknowledging the tangible changes already in motion,” he was quoted as saying by the New Straits Times.

They are also eager to see whether Malaysia can tackle important issues and reclaim its position as an economic powerhouse in Asia, he said.

Amir said this was the general sentiment based on his meetings with bankers, analysts and potential investors in New York as well as at the International Monetary Fund Board of Governors’ Spring Meetings and the World Bank Group in Washington DC.

Citing the record-high approved investments for 2023 amounting to RM329.5 billion, Amir credited this achievement to Malaysia’s clear direction, stability, and continuous infrastructure reforms.

“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,” he said.

He said investors recognised that Malaysia leverages its strengths strategically instead of venturing into “unfamiliar territory”.

“Our new economic approach is built on established strengths, particularly in the electronics and semiconductor sectors, where Malaysia holds a prominent position as a leader,” he said.

He added that Malaysia, in the past decade, had made substantial investments to push for digital transformation, including bolstering the fibre industry.

He said such efforts had led to significant upgrades for the business environment for foreign companies with a Malaysian presence.

He also said there had been a resurgence of interest from businesses looking to establish operations in Malaysia, reflecting a growing recognition of the country’s economic evolution and its attractiveness as a destination for business ventures. - FMT