KUALA LUMPUR, Oct 16 (NNN-Bernama) — Malaysia hopes to continue attracting quality investments next year, which gives 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 (US$28 billion) in the first half of 2023 (60 per cent 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 News.
The initiatives include giving rebates of up to RM2,400 (US$1=RM4.74) to buyers of electric motorbikes.
Tengku Zafrul said that the recent Budget 2024 announced by Prime Minister Anwar Ibrahim is a responsible budget, noting that the prime minister also plans to implement the Fiscal Responsibility Act.
“Our budget deficit forecast is around five per cent for this year, and we expect this to go down to 4.3 per cent 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.
— NNN-BERNAMA