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Strength in Malaysia’s economy drawing factor for global investments

The current strength of Malaysia’s economy is the main factor drawing major global companies to invest in Malaysia, said Prime Minister Datuk Seri Najib Abdul Razak.

He said this was mostly contributed by the success of the Economic Transformation Programme (ETP) the government initiated in 2010, which had contributed to the country’s economic performance.

He added the signing of a Memorandum of Understanding (MoU) between the government and SK Group – the second largest conglomerate by market capitalisation in South Korea – was proof of global trust towards Malaysia’s economic capabilities.

“The reason why exceptional companies like them, and many others around the world, want to do business with us is because of the strength of our economy, its resilience and its continued high performance,” Najib said in his speech at the signing ceremony of the MoU at the Mandarin Oriental Hotel today.

Also present at the ceremony were Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi and Treasury Secretary-General Tan Sri Mohd Irwan Serigar Abdullah.

While noting that the competition for foreign markets was fierce, Najib said Malaysia was attractive to the global players as it has much to offer.

“A stable and supportive business environment, strong fundamentals, a talented workforce, a strategic location, and an effective government that has embraced creativity and innovation,” he said in explaining the strong points the country has.

He added through the ETP, the government had managed to create 2.26 million new jobs, kept unemployment and inflation low, and enjoyed years of healthy growth.

Some of the notable achievements due to economic management by the government was reflected by the growth of the country’s gross domestic product last year, which was at 5.9%.

“In 2017 we saw net foreign inflows of RM10.8 billion into our equity market, the highest since 2012,” he said.

“That’s a sign of the international community’s confidence in our economy and the way that it is being managed,” he said.

Najib said he hoped that the government could achieve even more in 2018.

  • The Sun Daily