By Elishya Perera
KUALA LAMPUR, Malaysia (CWBN)_Malaysia is a firm believer of free, fair and open trade and investment, and therefore, the government continues to strive to make the country an attractive investment destination, Prime Minister Tan Sri Muhyiddin Yassin, said.
He made these comments during the World Chinese Economic Summit, which was held virtually, today (Dec 21).
“Truly, as a developing country with strong global linkages, Malaysia is a firm believer of free, fair and open trade and investment,” PM Muhyiddin said. “As the prime minister, I wish to take this opportunity to offer my ardent assurance that Malaysia was, is, and will always be a country that is pro-business, pro-trade and pro-investment.”
Amidst the COVID-19 pandemic which has caused severe damage to national economies, it is imperative to strike a delicate balance between health priorities and economic recovery, which can be achieved with the right policies, targeted intervention and collaboration between the public and private sectors, the Prime Minister noted.
Furthermore, Muhyiddin urged governments around the world to stay true the rules which govern international trade, and resist protectionism and unilateralism. He also recognised China as a key advocate of multilateral trade, noting that Beijing has been a voice of reason and moderation throughout the pandemic.
“Indeed, China’s vocal views that we should not use Covid-19 as an excuse for insularity and inward-looking policies had resonated strongly with Malaysia,” he said.
The Prime Minister also noted that the Malaysian government has implemented several measures to ensure the sustainability of micro, small and medium enterprises in the country, which includes a RM10 billion supplementary package in order to provide financial assistance through micro-credit schemes, wage subsidy programmes, as well as conditional tax deductions.
In his address, Muhyiddin pointed out the significance digitalisation and innovation during the COVID-19 crisis, as the demand for e-marketplaces, e-wallets, e-banking systems, etc. escalated, which are reflective of the “sweeping changes within the very DNA of our businesses”. “Their core models and traditional formats are steadily evolving, and governments must respond to these changes adequately, appropriately and astutely,” he added.
