ALOR STAR – Prime Minister Datuk Seri Ismail Sabri Yaakob today disclosed that Malaysia has achieved its highest ever trading figure of RM1.35 trillion, despite concerns over the weak ringgit and rising living costs.
The impressive figure was attained during the second quarter of this year, he said, while also mentioning that the trade surplus margin has widened to RM123.13 billion over the same quarter.
“Today, we can see the impending recovery of our economy. Our gross domestic product expanded to 8.9% in the second quarter of this year compared to 5% in the first quarter.”
He said this when officiating at the Keluarga Malaysia roadshow carnival here.
Trading in the wholesale and retail sectors saw growth of 44% with a value of RM132.8 billion during this period, he added.
Besides that, direct investments also rose in the first six months of 2022, with RM123.3 billion of pledges from both domestic and international investors.
This resulted in the creation of 57,771 jobs through 1,714 investment projects, he said.
Foreign direct investments amounted to about RM87.5 billion, or 71% of the total investments that the country has secured, in the second quarter of this year, he added.
Such commendable figures are attained despite three crises converging, namely the ill effects of Covid-19, the Russia-Ukraine war, and the global supply chain disruption, especially on food commodities.
To offset this, Ismail Sabri said that Malaysia has pumped in the highest level of subsidies worth RM80 billion to stabilise the supply and demand for essential food and items.
The country is also on track to offer 600,000 jobs as part of its economic recovery plan.
Kedah is faring well economically too, he stressed to the local crowd.
He said that under the Northern Corridor Investment Agency, the state has attracted over RM31.21 billion worth of investments in the second quarter, creating some 36,717 jobs.
The federal government will also improve the infrastructure connectivity here with a promise to invest up to RM425 million to improve the road system, he said.
Kedah will also receive RM1.13 billion from 109 new projects for its education sector, he added. – The Vibes, September 2, 2022
