MALAYSIA hopes to continue attracting quality investments next year, which will give higher economic complexity and are inclusive in terms of growth for the people.

Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said as Malaysia achieved approved investments totalling RM132.6 billion in the first half of this year (60% of the full-year target), the ministry expects that it would continue to achieve more robust growth next year. 

“Of course when it comes to investment, it also depends on what’s happening globally. We’ve seen trade growth moderating this year. 

“We’re going to be a bit more selective (in terms of foreign direct investments), looking at the right sectors like electrical and electronics, chemical and petrochemical, and we have also just announced various tax incentives and grants for this sector,” he said in an interview with Bloomberg. 

The initiatives include giving rebates of up to RM2,400 to buyers of electric motorbikes. 

Tengku Zafrul said the recent Budget 2024 announced by Prime Minister Anwar Ibrahim is a responsible plan. He added that the prime minister also plans to implement the Fiscal Responsibility Act. 

“Our budget deficit forecast is around 5% for this year, and we expect this to go down to 4.3% next year.

“Overall, it is still an expansionary budget. We expect the total budget to be around US$80 billion (RM393.8 billion),” he added. – Bernama, October 16, 2023.