Malaysia has the potential to become ‘economic powerhouse’ in region, says PM Anwar

KUALA LUMPUR, June 25 — 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.

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

Anwar, who is also Finance Minister, said the government was addressing the issue of readiness to take 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 energy transition issue both in Peninsular Malaysia, Sabah and Sarawak,” he said.

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

“For example, Intel has been based in Penang since its early days and Penang has now emerged as one of the major semiconductor hubs in India, from back-end to 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 US is Malaysia’s largest investor, although there has been an increase in investment from Europe, particularly Germany and the Netherlands, and from China. — Bernama

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