Government To Work With Business Leaders To Drive Economic Growth

Yang Amat Berhormat Prime Minister and Minister of Finance Dato’ Seri Anwar Ibrahim today spoke with business leaders, regulators and economists on ways to further drive Malaysia’s economic growth and spur domestic investments.

The Prime Minister highlighted early economic indicators show that the Government’s fiscal policies and Belanjawan 2023 measures are bearing fruit despite the multiple challenges inherited by the Government in November 2022:

• Malaysia achieved strong growth of 5.6% in Q1 2023 (against 2023 forecast of 4% to 5%) and reduced unemployment rate to 3.5% (against height of 5.2% in May 2020).
  
  
• Approved investments in Q1 2023 hit RM71 billion, a 60% increase from RM45 billion in Q1 2022. This is underpinned by strong investment interest from, among others, Amazon Web Services, Tesla EV, Geely / Proton Automotive City in Tanjung Malim and Ronsheng Petrochemicals in Pengerang.
  
  
• The affirmation of credit rating by Fitch and Moody’s in February 2023 and April 2023 respectively reflect their confidence in the Government’s determination to sustain economic growth momentum amidst highly challenging global conditions.
  
  

The Prime Minister reiterated the Government’s commitment to drive inclusive and sustainable growth, restore confidence in public institutions and governance as well as safeguard social justice for all Malaysians, in line with the Malaysia MADANI vision.

The Government has taken a wide range of measures to catalyse investments and attract high quality investments that will generate linkages with local businesses and high income job opportunities. These included Belanjawan 2023 measures to support SMEs particularly through the provision of various financing facilities and guarantees worth RM40 billion.

“The Government is committed to further facilitate ease of doing business and support domestic direct investments,” said Dato Seri Anwar at a dialogue attended by business chambers such as National Chamber of Commerce and Industry of Malaysia (NCCIM), Dewan Perniagaan Melayu Malaysia (DPMM), Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI), GLICs as well as banks.

“To further promote domestic growth, Cabinet has been focusing on accelerating implementation of Government projects and facilitating approvals for businesses such as applications for skilled expatriates,” Dato Seri Anwar added.

The Government’s economic policies and priorities will be further articulated in the upcoming Industrial MasterPlan (August 2023), 12th Malaysia Plan Mid Term Review (September 2023) and Belanjawan 2024 (October 2023). Therefore, the Prime Minister invited business groups to submit proposals and inputs towards these upcoming economic plans.

The Prime Minister also invited members of the public to share their suggestions on how to grow the economy with the Ministry of Finance through the “Suarakan Pendapat Anda” section at www.mof.gov.my

Ministry of Finance
30 May 2023