PUTRAJAYA: Malaysia must focus on diversifying its export base and increasing the quality of investments in preparation to face the global economic uncertainty, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said Prime Minister Datuk Seri Anwar Ibrahim’s initiative to strengthen relations with trading partners through his overseas visits can help Malaysia in the future.
In reference to the United States’ reciprocal tariff policy, Amir Hamzah said it is vital for Malaysia to focus on enhancing its existing economic strengths.
“It is important to focus on what we want to do. For the (local) industries, we will focus on enhancing their (capabilities),” he told the media during the Finance Ministry’s (MoF) Aidilfitri celebration here today, which was also attended by Anwar and his wife Datuk Seri Dr Wan Azizah Wan Ismail.
Amir Hamzah said the MADANI Government’s efforts and commitment to boost domestic direct investments (DDI) are also being supported by government-linked investment companies (GLICs).
“GLICs have committed to increasing DDI, which will in turn boost the national gross domestic product too. What’s important is to focus on what we can do,” he said.
Six GLICs — namely, Khazanah Nasional Bhd, the Employees Provident Fund, the Retirement Fund Inc, Permodalan Nasional Bhd, Lembaga Tabung Haji and the Armed Forces Fund Board — have collectively pledged RM120 billion in DDI over the next five years under the MoF-led GEAR-uP programme.
On the exchange of 31 documents, including memoranda of understanding (MoUs), notes and agreements, between Malaysia and China in conjunction with Chinese President Xi Jinping’s three-day state visit which concluded yesterday, Amir Hamzah said this has opened up opportunities for Malaysia to boost new industries as well as intra-area trade with the superpower and other trading nations to achieve the optimal trade balance.
On Wednesday, Anwar and Xi witnessed the exchange of the 31 MoUs and documents covering various sectors of cooperation between the two countries.
The MOUs include those on upgrading the China-Malaysia “Two Countries, Twin Parks” programme and standardisation cooperation.
