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KUALA LUMPUR: All political parties must put aside their differences and, particularly for lawmakers, focus on how they can best serve the needs of rakyat and business, Finance Minister Tengku Zafrul Aziz said today.
In a newspaper article published today, 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.
He said he 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.
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 RM 18 billion was channeled as part of Bantuan Prihatin Nasional, up from RM 4.74 billion from Bantuan Sara Hidup distributed last year.
Realizing that the recovery will take time and that this year 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. , grants and other support for such 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 socio-economic dynamics and characteristics, requiring its own unique solutions,” he wrote in the article published by The Star.
Tengku Zafrul said Malaysia’s well-diversified economy was one of the reasons the country had managed to weather the impact of Covid-19.
In 2020, he said growth in key manufacturing and export sectors, such as medical and electrical and electronic 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 (RM5.6 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.
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