Focus on economy in 2024

PUTRAJAYA: Datuk Seri Anwar Ibrahim is focusing on the economy for 2024 and is hopeful about Malaysia’s economic growth next year due to increased interest from foreign investors. The Prime Minister mentioned that investment interest in Malaysia is at a high and could potentially break records. “I must say that (investment) interest is higher than before. There is a strong interest in Malaysia,” he said at a dialogue with chief editors and senior editors of print, electronic and online media at Seri Perdana.

Malaysia has managed to secure significant potential investments this year, including RM6.56bil from Japanese firms during the Prime Minister’s visit to Japan and RM63.02bil in proposed investments from technology giants in the United States.

Anwar acknowledged that there is a need to improve efficiency, reduce bureaucracy, speed up approvals, and improve ease of doing business to further attract investments. He also highlighted the importance of providing training in technology, artificial intelligence, and other necessary disciplines to meet the skills requirements needed by investors.

Anwar stated that his top priority next year will be the economy, due to political stability. He also mentioned that Malaysia maintains good diplomatic and investment relations with both China and the United States, and aims to have good ties with everyone.

He also highlighted the need to expand the “Look East Policy” to include China, along with Japan and South Korea, due to China’s economic strength and technological advancements.

Regarding the visa-free policy for tourists from China, Anwar mentioned that while security remains a priority, the economic potential that tourism brings should be utilized to increase revenue and provide economic benefits to the people.

Starting Dec 1, Malaysia allows for 30-day visa-free entry to citizens of China and India.