Malaysia aims to capitalise on its strategic location and recent investment surge to establish itself as a regional hub for energy and chip manufacturing, Prime Minister Datuk Seri Anwar Ibrahim said on Thursday (Jan 9).
Delivering the keynote address at the Malaysian Economic Forum, Anwar emphasised the country's commitment to refining its expertise in oil and gas, semiconductors, and Islamic finance, positioning Malaysia as a global leader in these sectors.
Read more at https://tinyurl.com/3f46yfw5
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Delivering the keynote address at the Malaysian Economic Forum, Anwar emphasised the country's commitment to refining its expertise in oil and gas, semiconductors, and Islamic finance, positioning Malaysia as a global leader in these sectors.
Read more at https://tinyurl.com/3f46yfw5
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00Three, two, one.
00:12When we formed the government at the end of 2022,
00:14we sought economic legitimacy through political stability
00:19in a world where the latter is increasingly hard to come by.
00:25Thereafter, we rolled out a series of progressive economic policies
00:31in our growth narrative, the economic madani,
00:35fiscal space and people-centric initiatives,
00:40whilst being driven by the fervor of institutional reform.
00:44The economy has rebounded dramatically, alhamdulillah,
00:48and we are seeing an influx of strategic investments across the board
00:55and impressively and substantially in renewables and AI infrastructure.
01:04A shifting world economic order and empowered ASEAN
01:09and a stable Malaysia means we are no longer satisfied with playing the spectator.
01:17We must therefore take up the mantle to chart the path,
01:21the path forward in three leadership domains.
01:26And this is, of course, the critical issue of economic leadership,
01:31by development, role modeling.
01:34And the outdated belief that economic reforms must be ecologically driven
01:39fails to appreciate the nuances of a nation's development.
01:46So, encouraging purely market-led growth
01:52should not be seen as being incompatible
01:56with the implementation of a comprehensive social agenda
02:02that advances equity,
02:05which means we cannot marginalize communities
02:10and ensure that policies should not exacerbate poverty.
02:18Now, this is, to my mind, the foundation of economy madani,
02:23humane economy for social justice,
02:26a concept that we have advocated for decades
02:31and reiterated in last year's Khazanah Megatrend Forum.
02:36Not dissimilar to the progressive capitalism of Professor Stiglitz,
02:44this is where governments are bold in setting rules,
02:48for example, on environmental protection, financial regulations,
02:53and others needed for the proper running of the economy
02:57to ensure that it works for all and not just for the few.
03:02In 2024, Malaysia successfully tamed inflation,
03:08reduced unemployment, and stabilized our currency.
03:13We have...
03:20But I must remind my colleagues, the cabinet members are here.
03:24We are not here to promote a culture of contentment or complacency.
03:29We always admit and accept the fact that there is room for improvement,
03:37and I always popularize what George Bernard Shaw used to say,
03:40the room is big for improvement.
03:43But we have to acknowledge the fact that we have had record highs in job creation
03:49and also the best performing stock market in ASEAN.
03:57Internationally, our foreign direct investments are historic
04:02and are region-leading in the areas of semiconductors and data centers.
04:08In 2025, here comes a challenge that you must address and deliberate during this forum.
04:20We want to double down on our geographical centrality
04:24as a conduit for electricity, talent, and supply chain diversification.
04:31Specifically, ASEAN Energy Grid from Laos to Thailand, Malaysia, Singapore,
04:39from Sarawak to IKN, Sarawak undersea cable to Sumeranjung, and to Singapore.
04:47It's a fantastic feat in terms of advancing ASEAN as a cohesive force
04:57and in terms of energy grid for ASEAN region.
05:04At the same time, we want to refine our expertise in oil and gas,
05:08semiconductors, and Islamic finance,
05:12so we can be the global market leaders in each field.
05:16It's our neutrality, centrality, and openness for partnership
05:22that makes us a natural hub for all.