Malaysia’s trade, investment targets in 2024 achievable: official

Illustrative photo (Photo: VNA)

Kuala Lumpur (VNA) – The trade and investment targets that Malaysia set for this year are achievable despite the ringgit’s current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors, said Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz.

He said investors will look at the long-term outlook and fundamentals in making their decisions.

Speaking to the media on February 22 after launching BYD Malaysia’s latest electric vehicle marque, BYD SEAL, the minister said the Malaysian currency is one of the major factors. Investors want to see the stability of the ringgit.

He added that he thinks the currency is within the stable range.

Investments are important for economic growth, he said, noting that investments currently account for approximately 22% of the national gross domestic product (GDP).

Zafrul added that the government is looking at a 5% growth in trade this year, slightly higher than the 3% global trade growth projected by the World Trade Organisation.

According to Zafrul, investors usually take between six months and up to one year to decide on their investments, and up to two years to set up their factory in the respective country, therefore they will not look at currency fluctuations too much./.