KUALA LUMPUR – Malaysia provides the most conducive environment for the business community to invest, according to Prime Minister Datuk Seri Ismail Sabri Yaakob.
Speaking at the Invest Malaysia 2021: Rebuilding a Sustainable Economy event today, he said the country is currently the gateway into the Southeast Asian market, particularly through the Regional Comprehensive Economic Partnership (RCEP), set for enactment next year.
Ismail Sabri also said that the 15 countries under the agreement make up about 30% of the global gross domestic product (GDP) today.
“It has been estimated that their overall aggregate of GDP income will increase by US$174 billion (RM723 billion) by 2030,” he said in his keynote address today.
“This will give our corporations and micro, small and medium enterprises a more level playing field, while facilitating access to larger regional markets.”
Additionally, Ismail Sabri said Malaysia’s consistent improvement in digital infrastructure has also strengthened the climate of growth in the country, with the booming of the digital economy, online businesses and cashless transactions.
On the international stage, the prime minister said Malaysia remains an active key player in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
“This international economic collaboration provides more than 500 million participations with a combined GDP of US$10 trillion,” he said.
With the active, ongoing vaccination programme, Ismail Sabri said Malaysia is now ready to get back on track as an investment hub for both regional and international players, with safe bubbles for businesses and new norms being safely applied.
Moving forward, he said areas of policy-making will be focused on developing infrastructure and human capital to ensure broad access and optimum utilisation of new generation technologies.
Towards this end, he said the government has identified key strategies in economic reform designed to escalate recovery and enhance the competitive landscape for investors, but stopped short of naming the strategies.
Separately, Ismail Sabri reiterated the country’s move towards the fourth industrial revolution, with numerous sectors and industries encouraged to develop new technology.
“To date, the government and private sector are working together on shared visions and strategies to ensure inclusive, environmentally friendly economic growth. Nevertheless, we aim to become a carbon neutral country as early as 2050.” – The Vibes, October 14, 2021
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