Malaysia’s flourishing trade performance, as observed in recent times, can be attributed to an influx of domestic and foreign direct investments. This is a result of various strategic bilateral and multilateral agreements, according to Seri Zafrul Abdul Aziz, the Malaysian Minister of Investment, Trade and Industry (MITI), who shared these insights at the Australian Network Leaders’ Summit 2023.
The Minister pointed out that Malaysia has benefitted significantly from international trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership Agreement (RCEP), as well as various Free Trade Agreements (FTAs). Malaysia is part of 18 FTAs that significantly facilitate trade, enhancing the nation’s global competitiveness.
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Such strategic initiatives have created 24,000 job opportunities, driving Malaysia up by five places in the 2023 IMD World Competitiveness Ranking. Furthermore, Malaysia witnessed a substantial 60% year-on-year rise to RM71.4 billion in approved investments in the first quarter, demonstrating the growing confidence foreign investors have in the country. This has paved the way for unlocking several opportunities for Malaysian corporate businesses, SMEs, and various other sectors.
Minister Aziz further emphasized that Malaysia’s future growth hinges on the younger generations, urging them to pursue higher education that could elevate them to the top quartile of the population.
Despite these positive strides, Minister Aziz also noted that businesses must exhibit patience while awaiting governmental approvals. He assured that the ministry, in collaboration with relevant agencies, would expedite the approval processes for both domestic and international investors.
This year has witnessed Malaysia attracting substantial international investments, especially from data and tech behemoths like Tesla and Amazon Web Services. Prospective investments from Microsoft and Google are also on the horizon. Besides these corporate giants, the Malaysia Digital initiative, an offshoot of the Malaysia Digital Economy Corporation’s (MDEC) consistent participation at London Tech Week 2023, is expected to draw in billions of ringgit through foreign direct investments.
According to MDEC’s CEO, Mahadhir Aziz, this positive trend is a consequence of Malaysia’s ongoing collaborations with global digital companies, with the UK being one of the primary contributors to Malaysia’s thriving digital economy.
This news is based on a report by Marketing Interactive.
