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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, said 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. As such, in the future, Malaysia will play to its might, and just like digitization has been accelerated by the Covid-19 lockdowns. We will seize this opportunity to move forward in 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 today.
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 (KSI).
Tengku Zafrul said that as part of the government’s 6R Recovery Strategy, the 2021 Budget focuses on revitalizing the economy and aims to protect lives and livelihoods, builds on the current recovery momentum, driven by stimulus packages. of RM305 billion from Prihatin, Penjana and Kita Prihatin.
He said the 2021 Budget will underscore a mix of business-friendly policies, prudent fiscal management and effective transformation tools to build the nation’s resilience in the face of future economic crises.
“These stimulus packages have cushioned the impact for individuals and businesses by adding more than three percent to GDP growth this year. By focusing on these areas, this will put us in a better position to follow the growth trajectory that lies ahead of us, ”he added.
On international business communities and Malaysian business partners, Tengku Zafrul reiterated that Malaysia remains open for business and that the government has helped companies maintain their operational capacity through initiatives such as the Salary Subsidy Programs that have saved 2.6 million jobs, as well as technology adoption programs. which helped improve companies, both large and small.
“We have seen signs of resistance from Malaysia during this challenging period. Despite the lockdown, our country recorded 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 RM36.7 billion pending, ”he said.
He also emphasized that the government’s approach is clear, according to which, it will continue to support businesses, including small and medium-sized enterprises, mid-level companies in key sectors that are still recovering from the impact of the pandemic, and to ensure a stable and conducive environment. environment for investments to enter and generate value-added returns.
“We will also play our role in improving the gig economy, which is fast becoming an integral part of the nation’s growth, and to transform traditional sectors, as well as to streamline supply and demand in the labor market. “, He said. –Called
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