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'MY government committed to facilitating businesses and domestic investments,' says PM Anwar

'MY government committed to facilitating businesses and domestic investments,' says PM Anwar

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Malaysian Prime Minister, Anwar Ibrahim aims to promote domestic growth by focusing on accelerating the implementation of government project and facilitating approvals for businesses.

PM Anwar spoke with business leaders, regulators and economists on ways to further drive Malaysia’s economic growth and spur domestic investments.

He went on to highlight that early economic indicators show that the Government’s fiscal policies and Belanjawan 2023 measures are bearing fruit despite the multiple challenges inherited by the government in November 2022. PM Anwar reiterated the government’s commitment to drive inclusive and sustainable growth, restore confidence in public institutions and governance as well as safeguard social justice for all Malaysians, in line with the Malaysia MADANI vision.

According to a statement by the ministry of finance in Malaysia, the government has taken a wide range of measures to catalyse investments and attract high quality investments that will generate linkages with local businesses and high-income job opportunities. These included Belanjawan 2023 measures to support SMEs particularly through the provision of various financing facilities and guarantees worth RM40 billion.

PM Anwar also shed light on Malaysia's positive economic performance in the first quarter of 2023, wherein achieved strong growth of 5.6% in Q1 2023 (against 2023's initial forecast of 4% to 5%) and reduced unemployment rate to 3.5% (against height of 5.2% in May 2020).

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“The government is committed to further facilitate ease of doing business and support domestic direct investments,” said PM Anwar at a dialogue attended by business chambers such as National Chamber of Commerce and Industry of Malaysia (NCCIM), Dewan Perniagaan Melayu Malaysia (DPMM), Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) and Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI), GLICs as well as banks.

“To further promote domestic growth, Cabinet has been focusing on accelerating implementation of Government projects and facilitating approvals for businesses such as applications for skilled expatriates,” he explained.

The Government’s economic policies and priorities will be further articulated in the upcoming Industrial MasterPlan, 12th Malaysia Plan Mid Term Review as well as Belanjawan 2024. As a result, the Prime Minister convened business groups to submit proposals and inputs towards these upcoming economic plans.

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