KUALA LUMPUR: Malaysia's long-term prospects is bright given the new 'investment-upcycle' which will help increase economic complexity and ultimately bring high-income jobs, Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour said.
"From the electrical and electronics (E&E) sector to infrastructure projects to renewable energy, there are clear prospects for private and public investments to be sustained going forward."These quality projects will contribute towards higher productivity, greater economic complexity and, ultimately, high-income jobs for Malaysians," Abdul Rasheed said in his speech at the rebranding event of Malaysia Insurance Institute (MII) as Asian Institute of Insurance (Aii).
He added that the nation's economy continued to expand following 5.9 per cent growth in the second quarter of 2024, supported by resilient domestic demand and recovery in external demand. Also present at the event were Aii chairman Antony Lee, Life Insurance Association of Malaysia (LIAM) president Raymond Lew, Persatuan Insurans Am Malaysia (PIAM) chairman Ng Kok Kheng.
Abdul Rasheed said it is important that the country remains resilient to shocks and disruptions to realise full economic potential, and continue to put risk management at the top of the agenda.
He said the insurance and takaful protection can play its part that will foster greater stability and resilience in Malaysia's economy.
"I would like to see the insurance and takaful sector remain relevant, thrive, and continue to play a pivotal role in contributing to the nation's broader economic and social development in the years ahead," he said.
Given that such vision will require a whole of nation approach, Abdul Rasheed reaffirmed the BNM's steadfast commitment to driving essential reforms within this sector.
"By working together, we can transform our aspirations for a more competitive, efficient, and inclusive protection landscape into reality," he added.