Miti continues to accelerate, facilitate investments to achieve economic growth target – Tengku Zafrul

KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) will continue to accelerate and facilitate the implementation of industrial master plans to ensure that all investments are realised, said its minister Tengku Datuk Seri Zafrul Abdul Aziz.

Tengku Zafrul said Prime Minister Datuk Seri Anwar Ibrahim has successfully attracted potential foreign investments amounting to RM76.1 billion as of March this year.

Hence, he said it is crucial to implement government measures to achieve Malaysia’s targeted economic growth rate of between four per cent and five per cent this year.

“Various strategies, including the industry masterplans, are primary drivers. So it (Bank Negara Malaysia) is urging for a focus on execution,” he told reporters on the sidelines of the Industrial Take Off Year 2024 programme organised by Concorde Club at Wisma BK today.

On a question on realisation of investments, Tengku Zafrul explained that investments should take between two and three years to be realised.

“That is why the facilitation centre has been improved and through the National Investment Council, we are pushing for all parties within the government, especially the agencies in the ministries including the local councils to speed up the whole process,” he added.

Tengku Zafrul also said MITI is dedicated to ensuring that approved investments materialise and that investors do not encounter unnecessary difficulties.

“In fact, we are confident that we will start announcing the tracking of this (investments) in a more regular manner.

“Previously, we have done this (investment announcement) every six months and every one year, but we want to increase that and be more transparent so that people are aware of the process that is taking place and where those investments are,” he added.

Tengku Zafrul said the Malaysian Investment Development Authority (MIDA) is expected to produce a monthly report that provides comprehensive information regarding the value of both approved and realised investments.

During Bank Negara Malaysia’s (BNM) Annual Report 2023 release on Wednesday, the central bank called for the expediting of numerous industry master plans launched last year to support economic growth.

Among the master plans announced by the government in 2023 are the New Industrial Master Plan 2030 to transform key sectors such as manufacturing and the National Energy Transition Roadmap to uplift the nation’s renewable energy sector as a growth engine.

BNM has projected Malaysia’s gross domestic product growth at between four per cent and five per cent in 2024 versus 3.7 per cent in 2023, with upside risks stemming from the tech sector upcycle spillover, improved tourism numbers and project roll-outs.

Inflation, after incorporating the targeted subsidy roll-out, is forecast at between two per cent to 3.5 per cent by the central bank for the year, from 2.5 per cent in 2023. – BK