KUALA LUMPUR, June 13 (Bernama) -- Malaysia's economy is on a positive trajectory, buoyed by geopolitical advantages and macroeconomic initiatives such as the New Industrial Master Plan 2030 and the National Energy Transition Roadmap.
Former ministers, members of parliament and the treasurer-general concurred on this outlook at the Sasana Symposium 2024.
A panel session on subsidy rationalisation and economic transformation, featuring Ministry of Finance (MoF) treasury secretary-general Datuk Johan Mahmood Merican, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar and Taylor’s University pro-vice chancellor of external engagement Dr Ong Kian Ming, was held today as part of the two-day symposium.
The session was moderated by Watchtower Advisory managing director Shahril Hamdan.
Ong highlighted Malaysia's cohesive efforts, as seen in the initiatives by the Ministry of Investment, Trade and Industry, among other ministries, in attracting and localising investments.
“This is despite challenges in institutional reform, including labour reform, government expenditures and issues related to procurement and subsidies,” he said during the session.
He emphasised the need for improved consistency and alignment within the broader ecosystem, which includes Bank Negara Malaysia and the Securities Commission Malaysia, in line with the prime minister's aspirations and the MoF's direction.
“I hope that we can work together in these three years to implement the institutional reforms that are needed so that we can grow as a country and hopefully escape the middle-income trap,” added Ong.
Meanwhile, Abdul Wahid said that the government must continue and stay on course to implement the changes that are needed.
“I think it is important for the government that wants to do good things to have perseverance and stay at a constant speed. The government needs to communicate (effectively) and the only way to meet noises will be to demonstrate actual action and the outcome of the action,” he added.
-- BERNAMA
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