Bernama Madani Economic Framework to address social and economic issues plaguing Malaysia

KUALA LUMPUR, Feb 23 (Bernama) — The Madani Economic Framework represents a values-based, holistic approach to tackling the socio-economic issues that have long plagued Malaysia, says Datuk Seri. Prime Minister Anwar Ibrahim said.

He said the framework represents a comprehensive strategy designed to reinvigorate Malaysia’s economic situation, not only addressing existing challenges, but also building key initiatives for sustainable growth and resilience. He reiterated that he is also focusing on the field.

“MADANI aims to strengthen Malaysia’s economic position on a global scale, navigate the complexities of the global situation, and ensure the country’s adaptability and resilience through enhanced competitiveness,” he said. This was stated in the keynote speech at the establishment of Tun Razak Exhanji (TRX) as a financial institution. Today the International Financial Center is located here.

Mr. Anwar also emphasized promoting innovation and entrepreneurship, fostering strong and inclusive economic growth, and ensuring fair distribution of benefits.

“Small and medium-sized enterprises (SMEs) are encouraged to adopt technological advances and streamline regulatory processes,” he said.

Elaborating further, Mr. Anwar said that the emphasis will be on managing inflation, optimizing labor market dynamics and strengthening the country’s financial sector by introducing technological advancements and streamlining regulatory processes.

“These measures will help maintain economic momentum while fostering an environment conducive to domestic and foreign investment,” he added.

Meanwhile, regarding TRX’s status as the country’s International Financial Center (IFC), Anwar said TRX enjoys a special status, whereby the government provides significant incentives to companies relocating their base here. He said that

“These include an industrial construction allowance, a tax exemption of 70 per cent of statutory income for five years for real estate developers, and a stamp duty exemption on loans and services for TRX status companies,” he said.

TRX has emerged as a global business hub with a diverse collection of companies and a workforce of over 30,000 people, including 20,000 knowledge workers.

The 28.33 hectare Tun Razak Exchange is located in the heart of Kuala Lumpur and boasts state-of-the-art infrastructure and state-of-the-art facilities. TRX City Sdn Bhd (TRXC), a wholly owned subsidiary of MOF Inc, is the master developer of the TRX precinct.

— Bernama

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