KUALA LUMPUR: Major national policies will be reviewed to ensure sustainable economic development and distributive justice, said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
He said Malaysia’s dynamic manufacturing and service sector continued to draw investments from global companies, hence improving the national policies was crucial.
“Economic reforms are needed to keep Malaysia fresh and vibrant, and to soar into a regional economic powerhouse.
“As we bear a bigger economic pie, we will ensure all Malaysians would benefit from the growth,” he said at the Economic Aspirations of Malaysia in ASEAN luncheon session, held in conjunction with the 2nd Selangor ASEAN Business Conference 2018 here today.
Mohamed Azmin said in the wake of the US-China trade conflict, Malaysia saw an influx of interest from ASEAN businesses which are looking at the country as an ideal investment location from which to weather any future storm.
Therefore, with the reforms, Malaysia would be able to improve its institutions and infrastructure, as well as strengthen the skills of the labour force, he said.
During the January-July 2018 period, Mohamed Azmin said Malaysia exported a total of RM162 billion worth of goods to the ASEAN countries, representing over 28 per cent of its total exports.
On the other hand, Malaysia imported products worth RM127 billion from ASEAN, accounting for a quarter of total imports.
“No doubt that Malaysia is firmly committed to ASEAN, and there is much untapped potential to expand our exports to the sizeable markets of Vietnam, Indonesia as well as the Philippines,” he said.
Mohamed Azmin said all new policies, directions and initiatives spearheaded by the Pakatan Harapan government would be discussed and debated in the Parliamentary session in October when the coalition party would present its mid-term review. – Bernama © New Straits Times Press (M) Bhd