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Prime Minister Ismail Sabri Yaakob (File pic)

KUALA LUMPUR: Prime Minister Datuk Seri Ismail Sabri Yaakob (pic) is urging corporate Malaysia to find innovative ways to spur investments as the country prepares to once again become a global investment hub following its near two-year struggle with the Covid-19 crisis.

Ismail emphasised that Malaysia offered one of the most conducive environments for business communities to invest.

“Despite the Covid-19 pandemic, we must steer up our courage by finding creative and innovative methods to encourage investments. One of the most successful methods is through active vaccination programmes, initiated by the government in enabling a safe environment for investors.

“As a result, Malaysia is now ready to be back on track as an investment hub for both regional and international markets,” he said in his pre-recorded keynote address at the Invest Malaysia 2021 Virtual Series 1 yesterday.

Ismail emphasised that Malaysia, being a multiracial country, had the unique advantage of providing investment opportunities to a wide range of investors.

“Different races would need a different set of necessities. This means more products and services are potentially marketable in this country.”

Meanwhile, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia was on the cusp of recovery, driven by the National Recovery Plan (NRP), the upcoming Budget 2022 and recently announced 12th Malaysia Plan (12MP).Tengku Zafrul

“Via the NRP, we have begun seeing the green shoots of recovery in the wider economy such as a stronger gross domestic product growth in the second quarter of 2021, including a 40.1% and 19.8% growth in the months of April and May 2021, respectively.”

He added that improvements were also seen in the labour market, with unemployment improving to 4.6% in August 2021 from 5.3% at the height of the pandemic.

“There was an increase of 6.8% year-on-year in the manufacturing sales value to RM126.5bil as at August 2021. There has also been an uptick in trade activities, including a 23% year-on-year increase in exports to RM97.3bil as at last month.

“There was also continued attraction of high-value, high-tech investments, including RM107.5bil in foreign direct investment and domestic direct investment in the manufacturing, services and primary sectors in the first half of 2021. This was a near 70% increase over the same period last year.”

Commenting on the upcoming Budget 2022, which will be tabled on Oct 29, Tengku Zafrul said the focus will be on speeding up recovery, strengthening economic resilience and catalysing reform.

“Like Budget 2021, we have mapped our budget initiatives towards sustainable development goals and we will continue to do so in Budget 2022.

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