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KUALA LUMPUR: The 2021 budget is an opportune time for the government to consider and adopt more sustainable ways to grow the economy and build the country’s resilience, says Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz (Photo).
“The pandemic continues to be a threat to our socioeconomic recovery, development and future growth.
“In the future, Malaysia will play to its strength and just as digitization has been accelerated by the Covid-19 lockdowns, we will seize this opportunity to advance the value chain.
“At the same time, we will take advantage of our strategic geographic location, agile workforce, prudent resource management, excellent infrastructure, as well as our leading reputation in key sectors, including Islamic finance and the halal economy,” he said in his keynote address at the Malaysia Economic Summit 2020 here yesterday.
With the theme “Covid-19: Assessment of economic and financial impacts and their consequences”, the event was organized by the Kingsley Strategic Institute for Asia Pacific.
The 2021 budget is scheduled to be presented in Parliament on November 6.
Tengku Zafrul said that as part of the government’s 6R Recovery Strategy, the 2021 Budget would focus on revitalizing the economy and aim to protect lives and livelihoods, and build on the current recovery momentum, spurred by the RM305bil economic stimulus packages. .
“These stimulus packages have cushioned the impact for individuals and businesses by adding more than 3% to GDP growth this year,” said Tengku Zafrul.
The 2021 budget, he said, would also underscore a mix of business-friendly policies, prudent fiscal management and effective transformational tools to build the nation’s resilience in the face of future economic crises.
“By focusing on these areas, this will put us in a better position to follow the growth trajectory that lies ahead of us,” he said.
Malaysia, Tengku Zafrul reiterated, remains open for business, adding that the government had helped companies maintain their operational capacity through initiatives such as Wage Subsidy Programs that had saved 2.6 million jobs, as well as adoption programs. of technology.
“We have seen signs of resistance from Malaysia during this challenging period.
“Despite the lockdown, our country registered positive foreign direct investment (FDI) in the second quarter, bringing total FDI to RM 696.5 billion at the end of June.
“This is complemented by 726 projects with proposed investments of RM36.7bil in portfolio,” he said.
The government’s approach, Tengku Zafrul said, was clear that it would continue to support businesses, including small and medium-sized businesses and mid-level companies in key sectors still reeling from the impact of the pandemic, and to ensure an environment stable and conducive to investment.
“We will also play our role in improving the gig economy, which is fast becoming an integral part of the nation’s growth, and in transforming traditional sectors, as well as optimizing supply and demand in the labor market. “. – Bernama
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