Malaysia’s economy to expand by 5.75 per cent: Malaysia a gateway to ASEAN for Pak products
The Acting High Commissioner of Malaysia Deddy Faisal says I urge both Malaysian and Pakistani businesses, chambers and associations to have more frequent interactions, besides leveraging on each other’s strength and capacity
MANDIBAHUDDIN: The Acting High Commissioner of Malaysia Deddy Faisal has said Malaysia has always been an open trading nation and preferred investment destination and will continue to remain so driven by our Unique Value Proposition to investors.
The International Monetary Fund (IMF) is optimistic that Malaysia’s economy will expand by 5.75 per cent this year, driven by pent-up domestic demand and continued strong external demand. This is in line with the government’s growth projection of between 5.3 per cent and 6.3 per cent for 2022. Our economy expanded by 3.1 per cent last year.
The Malaysian envoy expressed these views while speaking at the Mandi Bahauddin Chamber of Commerce and Industry.
He further said, Malaysia’s financial sector remains resilient and that it was encouraged by its reforms that focused on inclusion, economic transformation, and a sustainable economy. This was clearly reflective of Prime Minister Datuk Seri Ismail Sabri Yaakob’s Keluarga Malaysia concept which focuses on inclusion, togetherness and gratitude aimed at bringing the people together in helping the He said Malaysia’s ongoing investment promotion efforts have successfully kept us on the map of investors. We believe that it is crucial to keep our investment policies relevant, resilient and responsive to the evolving ecosystem. Towards this end, Malaysia is currently undertaking concerted efforts to review existing policies and restructure our investment strategy to ensure that implementation of high-impact projects can be expedited.
Guided by this aspiration, the Malaysian Ministry of International Trade and Industry is spearheading a holistic reform of Malaysia’s investment agenda. This new agenda will be premised on the National Investment Aspirations (NIA) which will navigate Malaysia towards a regional investment hub with a view to increasing economic complexity, creating high-value jobs, extending domestic linkages, developing new and existing clusters, and improving inclusivity. ‘ Our new investment strategies will provide the necessary impetus to pursue high-technology and sustainable investments as well as to intensify innovation, striking a balance between economic and environmental sustainability while reducing dependency on foreign labour, in line with global benchmarks in environment, social and governance’.
He called upon the business community of Pakistan to be the partner & catalyst for reform, to drive sustainability and to contribute to their collective goal of shared prosperity. Look at Malaysia as a gateway to the ASEAN market. Furthermore, investors will be able to leverage into the opportunities opened up by RCEP which provides a market of 3 billion people.
He added, Pakistan is, and remains an important economic partner for Malaysia. This is demonstrated most prominently by our bilateral economic, trade and investment relations, which continue to grow from strength to strength despite the global challenges throughout the decades.
‘ I urge both Malaysian and Pakistani businesses, chambers and associations to have more frequent interactions, besides leveraging on each other’s strength and capacity. Let us work together to enrich the value of our investments. Let us restart, recover, revitalise and reform towards greater economic resilience and progress’.
I would like to record my sincere appreciation and gratitude to Mandi Bahauddin Chamber of Commerce & Industry for inviting me to your beautiful city. I am delighted to meet everyone, particularly to engage with prominent businessmen of this city. It is a privilege to be here to speak to you at meeting to connect Malaysia and Pakistani businesses as well as sharing with you Malaysia’s economic updates.
Trade, at its very foundations, is about people connecting across the world. It is about understanding each other and cooperating for the good of all nations and our economies. The resilience of our trade relies on the depth of these global connections, but these connections cannot only have trade at their core. 4. We must have people connecting, across families, politics, education, tourism, work and so many other walks-of-life to truly develop robust relationships between nations. It is then, from these relationships based on broad way to connect, that we can build robust, resilient trade for the prosperity of all, he concluded.
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