KUALA LUMPUR: Malaysia's economy continues to thrive despite headwinds in the oil and gas sector, Prime Minister Datuk Seri Najib Razak said.
The consistent economic growth which was recorded at 4.2 per cent last year, is expected to hover between 4.3 and 4.8 per cent this year.
Najib said the positive outlook was buoyed by healthy domestic demand and robust private sector investment.
The encouraging development in Malaysia's efforts to mitigate uncertainties in the sector was bolstered by Petronas' adoption of digital technology to enhance efficiency and reduce operational costs, among others.
"Against the backdrop of these new realities and the new approaches being adopted by players (in oil and gas sector), I am pleased to say that Malaysia's economy continues to thrive despite headwinds," Najib said in his speech to open the 19th Asia Oil and Gas Conference (AOGC) today.
Najib also said gross exports were expected to accelerate at 2.7 per cent.
"(This is) due to a rebound in exports of commodities and good demand for electronics and electrical goods, which are expected to spur the manufacturing sector."
At the AOGC, Najib also called for the sector's legacy players to realign strategic priorities for long term sustainability.
He also said oil and gas companies could help promote use of natural gas and renewable energy.
"I am hopeful that companies and governments can form smart partnerships to unlock the full potential of natural gas as a viable option - which will make both commercial and environmental sense, as it is important that we see these two motives as supporting one another, not being in opposition."
At the same time, Najib advised delegates to be wary of efforts by several quarters attempting to paint an adverse picture of Malaysia, regardless of the recorded growth percentage.
"I mention these facts and figures, and these statements of recognition, because there are certain parties who wish to paint a different picture of Malaysia. They are doing so for their own ends, and they do not tell the true story of our country.
"So please, don't be deceived by fake news. There is more than enough of that about, and we don't want it to obscure the achievements and successes of Malaysia's transformation, that all Malaysians, whatever their views, should be proud of."