Trade, investment targets in 2024 achievable - Tengku Zafrul

KUALA LUMPUR: The government is optimistic that the trade and investment targets set for this year are achievable despite the ringgit’s current depreciation versus the US dollar, as many other major fundamentals remain attractive and appealing to global investors.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said investors would look at the long-term outlook and fundamentals in making their decisions.

"Ringgit is one of the major factors. They want to see the stability of the ringgit and I think we are within the stable range,” he told reporters after launching BYD Malaysia’s latest electric vehicle marque, BYD SEAL.

Tengku Zafrul said investors would usually take between six months and up to one year to decide on their investments, and up to two years to set up their factory in the respective country, therefore they would not look at currency fluctuations too much.

Investments are important for economic growth, he said, noting that investments currently account for approximately 22 per cent of the national gross domestic product (GDP).

"To make investments one of the key engines of growth, we need to double the amount. When the percentage of investment to GDP increases, it will boost Malaysia's economic growth.

"We can't just depend on consumption and government spending," he said.

Tengku Zafrul added that the government is looking at a five per cent growth in trade this year, slightly higher than three per cent global trade growth projected by the World Trade Organisation. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Tengku Zafrul , trade , investment , ringgit , GDP


Next In Business News

MRCA names Ken Phua as 10th president
The Chinese site that rewired online shopping
Bank Negara international reserves lower at US$113.4bil
Gold slips over 1% as fears of wider Middle East conflict ebb
China seen as indispensable to global supply chain
SC to introduce VC Golden Pass to streamline venture capital registration
China state fund pours US$41bil into stock market in Q1, reports show
Oil prices fall more than 1% as Iran-Israel tensions ease
Apparel retailer Express files for US bankruptcy protection, to close over 100 stores
Iconic Worldwide unit eyes 70% take-up rate for Iconic Harmony project

Others Also Read