KUALA LUMPUR: Political stability, far-sighted economic policies, and the green transition provide a golden opportunity for a second surge in the country's economy after the first jump made in the early 1990s.
Deputy Investment, Trade and Industry Minister Liew Chin Tong said the competition between China and the US had pushed investments into the Southeast Asian region, and that Malaysia plays an important role in attracting investors.
"When investors do the calculations, they know Malaysia has good logistics, a fair Common Law framework, and many workers who are fluent in several languages, in addition to being well educated.
"This is an opportunity for Malaysia to make a second leap. The first jump was successfully made in the early 1990s, when economic growth, job opportunities, wages, and the standard of living of the people were in a positive environment," he said.
The comments were made through his blog titled "The Second Surge of the Malaysian Economy", which is a sharing of his speech during the Civil Discussion: Unity Aspiration Strengthening the Bumiputera Agenda at the Bumiputera Economic Congress 2024 on Thursday.
Liew added that Malaysia does not need to compete with neighbouring countries, such as Vietnam and Indonesia, to attract investments, because the strength of the country's economy had put Malaysia at a level almost on a par with Singapore.
"Perhaps it would be better if we could establish cooperation through vertical integration with Vietnam and Indonesia," he commented. "This is because if we want to compete with neighbouring countries, workers in Malaysia have to be paid low wages."