Friday 29 Mar 2024
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KUALA LUMPUR (July 26): Malaysia’s risks to Chinese investments in the country are contained as long as the government continues to deal with state-owned companies from the republic, said Second Finance Minister Datuk Seri Johari Abdul Ghani.

Johari noted some Chinese private companies were a concern, but these risks are largely borne by the Malaysian private sector.

“[Our private companies] have to know if [Chinese companies] are sizable enough to overcome the changing of policies in China,” he told reporters, following the opening ceremony of the Malaysian Association of Risk and Insurance management (MARIM) conference today.

Johari maintained the government’s projected gross domestic product (GDP) growth forecast of 4.3% to 4.8% for 2017, citing Malaysia’s diversified economy as providing resilience.

“Our trade with China is significant, but it makes up only 16%,” Johari added. As at May 2017, trade with ASEAN nations accounted for the most of Malaysia’s total trade at 27.5%.

Separately, Johari highlighted the need for new technologies to be developed and adopted by organisations, so they are able to protect themselves against cyber security attacks.

Following the theme of The MARIM conference, “Risk and Resilience in a Volatile, Uncertain, Complex and Ambiguous (VUCA) World”, he said greater vigilance and flexibility is needed in addressing digital risks.

However, ethics and good corporate governance practices remain a key pillar in developing a robust risk management culture, Johari added.

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