KUALA LUMPUR, February 24 – Prime Minister Datuk Seri Anwar Ibrahim pushed back against critics today, asserting that Malaysia has seen a rise in foreign direct investment (FDI) despite the recent depreciation of the ringgit. Anwar addressed concerns about the currency’s decline during a press conference after launching the Tun Razak Exchange International Financial Hub in Kuala Lumpur. He emphasized that the ringgit’s performance does not accurately reflect Malaysia’s economic strength, pointing to increased FDI, low inflation, declining unemployment, and sustained growth compared to neighboring countries as evidence of the government’s successful economic policies.
Anwar’s remarks come amidst heightened criticism from the opposition regarding the ringgit’s decline, with some using it as a basis to question the government’s economic management. However, official data released last Friday showed a significant increase in FDI, reaching RM926.3 billion by the end of the fourth quarter of 2023. Anwar attributed this influx of investments to investors’ confidence in the government’s economic plans, many of which are set to be implemented this year. Despite the challenges posed by the weak currency, Anwar remains optimistic about Malaysia’s economic outlook, anticipating a rebound in the ringgit as demand for Malaysian exports improves.
