KUALA LUMPUR – The government will do all that is needed to drive inclusive and sustainable growth in an open economy that respects free financial flows, Prime Minister Datuk Seri Anwar Ibrahim said today.
To further promote domestic growth, the cabinet will accelerate the implementation of government projects and facilitate approvals for businesses such as applications for skilled expatriates, he said.
Despite multiple challenges inherited by the government, early economic indicators show that the government’s fiscal policies and Budget 2023 measures are bearing fruit, he said.
Among this is Malaysia achieving strong growth of 5.6% in the first quarter of 2023 (against a forecast of 4 to 5%) and the reduced unemployment rate to 3.5% (against a high of 5.2% in May 2020), he said at the launch of the Capital Market Graduate Programme (CMGP) at the Securities Commission Malaysia (SC) here today.
Malaysia’s approved investments in the first quarter 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 Tg Malim, and Ronsheng Petrochemicals in Pengerang.
In fact, FDI inflows in 2022 increased to RM74.6 billion compared to RM50.4 billion in the previous year.
The affirmation of credit rating by Fitch and Moody’s earlier this year also reflects their confidence in the government’s determination to sustain the economic growth momentum, said Anwar, who is also finance minister.
“These hard facts give me hope. We are not out of the woods yet, especially with the global economic uncertainty, but I am optimistic that we are on the right track to economic growth,” he said.
Talent growth vital to economy’s future
In announcing the launch of CMGP’s new name, “InvestED”, the prime minister said a highly skilled and knowledgeable workforce, especially in the capital market, is essential for a sustainable economy.
“We need local expertise who are able to understand the complexities of the market, anticipate trends and changes, and provide innovative solutions to every market obstacle including Islamic finance.
“By providing opportunities to develop skills and knowledge in the capital market industry to young graduates, this program seeks to build a solid foundation for Malaysia's future economic growth.”
The CMGP is in line with the aspirations of Madani, Anwar said.
Therefore, InvestED will act as a unique initiative that brings together the government and private sectors to create a platform for both graduates and employers.
“I understand that 9,000 students will benefit from exposure to job opportunities in the capital market industry, with 600 people guaranteed to get a job within three years,” he said.
The prime minister said he is confident that this can be further improved through the participation of more industry players who collaborate with universities.
“I hope that programmes like this will also help students from poor families so that they are not left behind in reaping the benefits of better job opportunities,” he said, adding that this is in line with the aspirations of Malaysia Madani. – Bernama, June 19, 2023
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