11th MP review to focus on FDI

This article first appeared in The Edge Financial Daily, on July 3, 2018.
11th MP review to focus on FDI
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KUALA LUMPUR: The 11th Malaysia Plan’s (11MP) midterm review will focus on sustaining the flow of foreign direct investment (FDI) into the country and will be tabled on Oct 18, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.

“The focus is on ensuring we can sustain FDI and we want investors to retain Malaysia as their destination for investment. It is crucial for us to restore investors’ confidence,” he told reporters after the launch of the World Bank’s 18th edition of the Malaysia Economic Monitor.

He is, however, optimistic about the government’s efforts to bring in more investment, on the back of the country’s robust economic growth. “We want [these investments]to move towards high-tech and capital-intensive industries, with the digital economy [at the forefront].” His ministry is reviewing the 11MP now.

“Issues and development challenges will be identified, and steps to tackle them will be proposed. Progressive social economic policies will be introduced to complement institution reforms,” he said. The review will also address the disparity of growth across states, the gap between income groups, the high youth unemployment rate and the rising cost of living, he said in a speech during the launch earlier.

“Outstanding structural challenges will also be addressed, such as raising labour productivity, ensuring quality investment and innovation, pushing industries to move up the value chain and expanding the fiscal space,” he added.