kuala lumpur:Malaysia hopes to continue attracting quality investments next year, making the economy more complex and inclusive in terms of national growth.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said that as Malaysia achieved the total approved investment of RM132.6 billion in the first half of 2023 (60% of the full-year target), the ministry will continue to invest more. He said he hopes to achieve this. We expect steady growth next year as well.
“Of course, it also depends on what is happening globally in terms of investment. We are seeing slower trade growth this year.
“We will be a little more selective[in terms of foreign direct investment]and look at the right sectors such as electrical and electronics, chemicals and petrochemicals. We will also look at various tax incentives and subsidies for this sector. We just announced it,” he said in an interview with Bloomberg News.
The initiative includes giving rebates of up to RM2,400 to electric bike buyers.
Tengku Zafrul said the 2024 Budget recently announced by Prime Minister Datuk Seri Anwar Ibrahim is a responsible budget, noting that the Prime Minister also plans to implement the Fiscal Responsibility Act.
“This year’s budget deficit is expected to be around 5%, but we expect it to fall to 4.3% next year.
“Overall, it is still an expansive budget. We expect the total budget to be around US$80 billion (RM393.8 billion),” he added. – Bernama