Robust Second Quarter Growth Reflects Investor Confidence In Malaysia's Economic Potential - Rafizi

JOHOR BAHRU, Aug 17 (Bernama) -- Malaysia’s rapid economic growth in the second quarter, at 5.9 per cent and above expectations, reflected the confidence of foreign investors in the country's potential, said Economy Minister Rafizi Ramli.

He said this also shows that the government’s policies and economic growth narratives have been well received. Therefore, Rafizi said the government needs to continue the growth momentum by intensifying its efforts to attract investors to maintain the international confidence and positive views of Malaysia.

"So what the government is focusing on now is to ensure that not only the narrative and policy are attractive for investment and growth but also to translate that into (investment) immediately and to provide everything necessary. That needs to be done quickly and in an orderly manner.

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"(Then) the (growth) momentum can continue and if this happens, we will continue to be seen as a good investment destination in the region and the world," he told reporters after the 'Ask Minister Anything with the Minister of Economy' session in conjunction with the MADANI Rakyat South Zone 2024 programme at Dataran UTM here today.

He said this when commenting on the announcement yesterday of Malaysia's economic growth rate in the second quarter which exceeded the initial forecast of 5.8 per cent.

As one of the strategies to maintain the positive economic growth momentum, he said Prime Minister Datuk Seri Anwar Ibrahim will launch the Business Facilitation Framework, which also touches on the efficiency of government services in facilitating business. Rafizi said his ministry took a year and is now in the final stage to complete the framework.

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Anwar is expected to launch the framework on Oct 4.

Meanwhile, at the "Ask Minister Anything" session, Rafizi said Malaysia would be recognised as a global middle economic power if its wish to join the intergovernmental organisation BRICS (Brazil, Russia, India, China and South Africa) was accepted.

BRICS consists of a group of countries that include prominent middle economic powers.

"I believe that if Malaysia is admitted to BRICS, it will not affect our international relations with other countries. This is because Malaysia is known as a country that practices neutral principles when dealing with global issues. When accepted, God willing, it is a recognition and their confidence in Malaysia as a middle economic power in the world. This will increase our economic capacity.

"Don't be confused, we want to join not because of politics but because we want to establish good relations with all countries, including middle economic power countries like Russia, Brazil, India, and others," he added.

-- BERNAMA