As we usher in the new year, it is important that we take a step back and learn the right lessons from 2023’s challenges. Last year was an important year for the Ministry of Investment, Trade and Industry (Miti) in forging a more resilient, inclusive and sustainable economic future for Malaysia on all fronts: investment, trade and industries.
The launch of the New Industrial Master Plan 2030 (NIMP 2030), the I-ESG capacity building policy, sector-specific pushes such as the Chemical Industry Roadmap and pro-EV (electric vehicle) policies, among others, have all helped sustain the investment momentum for Malaysia in 2023.
For the first nine months of 2023, approved investments were RM225 billion — the highest they have been in a decade and 6.6% higher than the same period in 2022, expected to generate close to 90,000 jobs. While investment figures have surged, trade numbers, especially exports, were expectedly impacted by the global economic slowdown.
For 2024, there are three points I would like to stress. First, in making investment and trade the key drivers of our economic growth, we must be willing to take calculated risks in forging a new economic future for Malaysia, especially in the digital and green economies.
Second, we absolutely must properly execute our national plans. The year 2024 is an important one to build on the foundations we have laid.
Third, we must stay the course, no matter how hard the challenges. I keep reminding myself, we must consistently explain to the rakyat why we do what we do, and how it benefits the public in the long run.
