Malaysia identifies top priorities to restore investors’ confidence

People walk on a street in Kuala Lumpur, Malaysia. (Photo: AFP/VNA)

Kuala Lumpur (VNA) – Malaysian Minister of International Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz named three top priorities to restore investors’ confidence, given the possibility of a global economic slowdown in 2023.

In a statement issued on December 5, Tengku said it is necessary to ensure that trade remains the main growth engine while restoring investors’ confidence. MITI will review various bilateral and multilateral agreements to ensure that the formulation or implementation of those documents generates real value and creates advantages for the participants in the supply chain of Malaysia, especially micro, small and medium enterprises.

According to Tengku, it is necessary to boost attracting foreign direct investment (FDI) into Malaysia as capital is an important factor in economic recovery and it provides the country with one of the biggest foreign exchange sources.

He emphasised that the national budget 2023 is expected to be submitted again to the National Assembly, and that MITI will propose the establishment of a special investment fund to attract more high-value-added investments. It aims to create more skilled and well-paid job opportunities for Malaysian workers.

Accordingly, MITI will focus on several industries, especially electronics and electrical (E&E), aerospace, chemicals and petrochemicals, nanotechnology, medical technology, medical devices and smart manufacturing./.