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KUALA LUMPUR: The year 2021 is the time for all parties to put aside their differences and in particular for policy makers to focus on how they can best meet the needs of rakyat and business, says Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. (pix)
In his article published today on www.thestar.com.my, he said that all parties must take advantage of the lessons learned from each crisis in 2020, especially the Covid-19 pandemic, to come out stronger.
This history has taught us to stick together in the face of adversity. There is plenty of room for our beloved nation to grow, especially considering how we have prevailed during one of our nation’s most difficult years of 63 years, ”he said.
In the new standard, Tengku Zafrul is optimistic about Malaysia’s future prospects, considering the resumption of business activities, positive developments in the deployment of Covid-19 vaccines globally, and the government’s continued efforts to revitalize and reform the economy.
“We have stood our ground in many public health battles, but we must continue to persevere to win the Covid-19 war. We have flattened the curve once, we can do it again, ”he said.
It is true that he said that 2020 was a difficult year for many, with a 55 billion ringgit fiscal injection from the government under stimulus packages last year to help ease the burden on those in the income bracket. the lowest and the vulnerable, of which RM18 billion were channeled as Bantuan Prihatin Nasional, up from RM4.74 billion Bantuan Sara Hidup distributed in 2020.
Realizing that the recovery will take time and that 2021 may not be easier, he said the government continued to ease the burden of the rakyat through the 2021 Budget, which has allocated RM30.8 billion for targeted assistance, direct aid, subsidies and other support for these. groups.
“I’d also like to emphasize a well-recognized fact in economics: politics is about tradeoffs and trying to deliver the most benefit with existing resources.
“As much as some may like to compare Malaysia’s efforts with those of other countries, we must recognize that each country has its own dynamics and socio-economic characteristics, requiring its own unique solutions,” he added.
According to the minister, one of the reasons that Malaysia managed to weather the impact of Covid-19 is its well-diversified economy.
In 2020, he said growth in key manufacturing and export sectors such as medical and electrical and electronic (E&E) equipment helped cushion the blow to the service sector, particularly with international borders still closed.
“From January to September 2020, Malaysia recorded approved investments worth RM 109.8 billion comprising RM 42.6 billion of foreign direct investment. The government remains focused on high-quality investments that can translate into knowledge transfer, well-paying jobs and more sustainable development for Malaysia, ”he said.
Still, Tengku Zafrul said Malaysia’s economic strengths remain largely untapped, including an agricultural prowess that can be improved through agriculture, crop diversity and downstream development.
“We have yet to increase our expertise in green technology, such as solar panel production and green building. We have the ability to be a key player in global Islamic finance and the global $ 1.4 trillion halal market, ”he said.
As the country continues to shift towards high-value production and services, he said it was crucial to take advantage of the crisis and undertake the necessary structural improvements.
“We must never waste a good crisis and we must be prepared to reinvent ourselves to ensure future agility and resilience amid constant uncertainties,” he added. –Called
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