Bernama – Malaysia has the potential to become an ‘economic powerhouse’ in the region

KUALA LUMPUR, June 25 (Bernama) — Malaysia has great potential to emerge as an “economic powerhouse” in the region, Prime Minister Anwar Ibrahim said.

Speaking at a luncheon during the American Malaysian Chamber of Commerce’s (Amcham) 47th annual conference, Anwar stressed that Malaysia must remain a trading nation and be open to investment.

“The government has been clear that it supports investment from overseas, particularly from the United States,” he said, referring to the domestic issues surrounding BlackRock.

Anwar, who is also finance minister, said the government is addressing the issue of readiness to take the necessary steps to ensure Malaysia remains competitive and continues to grow. “We have the workforce, the infrastructure, the semiconductor ecosystem and we are now fast-tracking the issue of energy transition both in Peninsular Malaysia, Sabah and Sarawak,” he said.

Anwar noted that Penang is a shining example of how foreign investment can bring significant benefits to the country’s economy. He said the benefits can be seen through technology transfer, training and the establishment of centres of excellence.

“Since the early days, Intel, for example, was based in Penang and now Penang has emerged as one of the major hubs for semiconductors in India, from the back-end to the front-end.

“So, (I) am here to personally acknowledge that and thank you for your trust. (We) will provide all the support and assistance necessary to facilitate and accelerate (the investment process),” he said.

Anwar said cumulatively the United States was Malaysia’s largest investor, although there was also increasing investment from European countries such as Germany and the Netherlands, as well as China.

— Bernama

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