Malaysia expects positive GDP growth, backed by investment inflow

“GEORGE TOWN, May 18 — Malaysia is expecting a positive Gross Domestic Product (GDP) growth as investments inflow into the country remain strong. Finance Minister II Datuk Seri Amir Hamzah Azizan said the first quarter of this year, the country’s GDP remained strong at 5.4 per cent. “We can see that foreign direct investment (FDI) coming into has started contributing to GDP growth,” he said in a press conference after visiting Intel’s Pelican project in Bayan Lepas. “Domestic direct investment (DDI) within the country also remains strong, while public spending is still robust,” he added. He said the government has been working hard to ensure that the engines driving the economy continue to operate smoothly which is why the country continues to attract investors. “But importantly, we also want to pave the way for domestic investors, especially GLICs and GLCs, to invest in the country because they can already see the many opportunities available and are coming together to further enhance the opportunities in Malaysia,” he said, referring to government-linked investment companies and government-linked companies. He attributed investors’ confidence in Malaysia is due to the existing strong ecosystem, especially here in the northern region. “As I mentioned earlier, the government’s focus is on how to further strengthen the ecosystem, attract investors, generate new jobs, and ensure that those coming in can help Malaysia continue to grow in the future,” he said. Amir Hamzah said the government itaised wages in the county and GLCs are also moving from minimum wage towards a living wage. “This creates more room for higher public spending within the economy,” he said. He said even the AI industry and data centre drive are still very strong in the county.

Summary generated from the RSS feed of Malay Mail Education. All article rights belong to the original publisher. Click through to read the full piece on www.malaymail.com/news/malaysia.