Malaysia (Commonwealth Union)_ According to International Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz, Malaysia’s economy is in a good position to attract excellent investments. During a recent media interview, he remarked that reopening China’s borders next week bodes good for Malaysia, since China is the country’s leading trading partner despite the fact that global economic uncertainty still poses obstacles.
According to Tengku Zafrul, “The move will help our exports and economy. Domestically, efforts focusing on environmental, social and corporate governance (ESG) principles in major sectors, enhancing the ease of doing business, and moving up on the value chain in sectors that we are strong in will also help cushion the impact of global economic headwinds”. He added, “Malaysia is forecasting a four per cent growth in 2023. Our (growth) numbers are looking good, inflation is at four per cent, and the unemployment rate is at 3.6 percent”.
Tengku Zafrul stated that Malaysia’s gross domestic product (GDP) growth in 2022 is anticipated to range between 8.0 and 1.0 percent. During the first nine months of 2022, the country’s economy grew by 9.3%, and the country’s GDP grew by 14.2% in the third quarter due to solid domestic and overseas demand as well as a better labor market. During the interview, Tengku Zafrul also mentioned a number of potential factors that could impact the global economic growth outlook, including monetary and fiscal tightening, global disputes like the Ukraine-Russia war that affected supply chains, and exporters’ ability to meet ESG market demands.
The minister also stated that the Datuk Seri Anwar Ibrahim-led Unity Government is highly dedicated to the nation’s active participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which went into force in Malaysia on November 29, 2022. Tengku Zafrul, in response to a question about a possible reevaluation of the 11-member trade pact, stated that the Prime Minister had signed all administrative agreements in order to guarantee that exports and imports could continue under the approved agreement.
