KUALA LUMPUR, March 13 – Investment, Trade, and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz expressed confidence that the trade and investment objectives set for 2024 are within reach, despite the ringgit’s current depreciation against the US dollar. While acknowledging the currency’s impact, Tengku Zafrul emphasized that global investors prioritize long-term outlook and fundamental factors when making investment decisions. Speaking at the launch of BYD Malaysia’s latest electric vehicle marque, BYD SEAL.
Tengku Zafrul highlighted the stability of the ringgit within an acceptable range, reassuring investors of Malaysia’s investment climate. He noted that investment decisions typically involve a timeframe of six months to a year for consideration and up to two years for the establishment of factories, indicating that currency fluctuations have less influence on investment choices. Investments play a pivotal role in economic growth, currently contributing around 22 percent to the national GDP.
Tengku Zafrul stressed the importance of doubling investment to GDP ratio to propel Malaysia’s economic expansion, underscoring the need for diversified growth engines beyond consumption and government expenditure. In pursuit of economic growth, the government aims for a five percent increase in trade this year, surpassing the three percent global trade growth projected by the World Trade Organisation. Tengku Zafrul’s optimistic outlook reflects Malaysia’s resilience and attractiveness to global investors, underpinned by sound fundamentals and strategic initiatives to enhance trade and investment activities.
