Malaysia needs to stay neutral to remain investment destination: official
Malaysia's economy is open and has established cooperative relations with all countries, so it needs to continue playing its role as a “neutral” country with a strong ecosystem in the technology sector to ensure the country remains an investment destination, an official has said.
Buildings in Kuala Lumpur capital of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) - Malaysia's economy is open and has established cooperative relations with all countries, so it needs to continue playing its role as a “neutral” country with a strong ecosystem in the technology sector to ensure the country remains an investment destination, an official has said.
Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz said in a TV show on August 14 that Southeast Asia is neutral, has good demographics, and is a growing, stable, and peaceful economy.
Malaysia and Singapore have been involved in the semiconductor sector for a long time. Malaysia has a good ecosystem, almost complete and mature.
The country recorded approved investments of 83.7 billion MYR (18.9 billion USD) in various fields in the first quarter, representing an increase of 13% from 74.1 billion MYR in the same period last year, he pointed out.
He noted that it expects gross domestic product (GDP) to grow 5.8% in the second quarter of 2024, with the manufacturing sector growing 4.7%, boosted by the electrical and electronics sector, especially semiconductors.
✤ In terms of trade, Malaysia has 16 free trade agreements, multilateral and bilateral, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), the official added./.
Malaysia needs to focus on developing its own semiconductor design capabilities, lessening dependence on imported chips moving forward, said Malaysian Economy Minister Rafizi Ramli at the launch ceremony of the country’s Semiconductor IC Design Park in Puchong on August 6.
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Malaysia is considering joining several international organisations, including the Organisation for Economic Cooperation and Development (OECD), Investment, Trade and Industry Minister Zafrul Abdual Aziz said on July 22.
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