Political stability is the key to the country’s economic recovery

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DUBAI: The stable political climate in Malaysia has allowed the government to focus its efforts on reviving the country’s economy, in particular by attracting new investments, said Prime Minister Datuk Seri Ismail Sabri Yaakob (picture).

He stressed that political stability is crucial for the economy, with gross domestic product (GDP) expected to rise 5.5-6.5% this year, compared to a contraction of 5.6% in 2020.

“Foreign direct investment also increased from RM14.6 billion in 2020 to over RM50 billion in 2021, while trade also exceeded its target.

“The unemployment rate has also been reduced in 2021 – the target was to provide 500,000 jobs, but we were able to provide 580,000 jobs to the population, and we aim to provide 600,000 jobs this year,” he said. he said during the ‘United Arab Emirates (UAE) Keluarga Malaysia Dinner with the Prime Minister’ here on Wednesday.

The prime minister said Malaysia is currently on track to seek new investment thanks to the current political stability.

He said that during his visit to several ASEAN countries, Malaysia was able to secure new investment commitments from countries such as Vietnam, Cambodia and Thailand.

Ismail Sabri also added that his recent visit to Qatar helped Malaysia secure investments worth RM5.4 billion, in addition to opportunities for Petronas to participate in gas projects.

He noted that many companies had signed cooperation protocols signed at Expo 2020 Dubai, which ran from October 1, 2021 to March 31, 2022.

“Malaysia has secured RM70 billion of potential value for trade, investment and business leads through Expo Dubai, which will boost our economy and create jobs.

“That’s the advantage of having political stability because investors certainly won’t be interested in investing without it,” said Ismail Sabri.

Meanwhile, the Prime Minister said Malaysia’s ability to control the spread of the Covid-19 pandemic has enabled the country’s borders to reopen from April 1.

“With the reopening of the borders, the momentum of our economic growth will increase and the tourism industry will be able to contribute strongly to the nation’s income,” he said.

The event was also attended by Chief Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali; Minister of Science, Technology and Innovation Datuk Seri Dr Adham Baba; Foreign Minister Datuk Seri Saifuddin Abdullah; Rural Development Minister Datuk Seri Mahdzir Khalid and Deputy Public Works Minister Datuk Arthur Josep Kurup. — Bernama


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