Madani Economy framework to tackle social, economic issues plaguing Malaysia - PM Anwar

KUALA LUMPUR: The MADANI Economy framework represents a values-based, holistic approach to tackle the social and economic issues that have long plagued Malaysia, said Prime Minister Datuk Seri Anwar Ibrahim.

He reiterated that the framework represents a holistic strategy devised to reinvigorate Malaysia's economic landscape, which would address existing challenges, but also focuses on key areas for sustainable growth and resilience.

"MADANI aims to bolster Malaysia's economic standing on a global scale, navigate the complexities of the global landscape and ensure the nation's adaptability and resilience through enhanced competitiveness,” he said in his keynote address during the launch of Tun Razak Exhange (TRX) as Malaysia’s International Financial Centre here today.

Anwar also emphasised fostering innovation and entrepreneurship, promoting robust and inclusive economic growth and ensuring the equitable distribution of benefits.

ALSO READ: Madani vision empowers Malaysia's inclusive, innovative and autonomous development

"Small and medium enterprises (SMEs) are encouraged to adopt technological advancements and streamline regulatory processes,” he said.

Elaborating further, Anwar said adoption of technological advancements and streamlining regulatory processes place importance on managing inflation, optimising labour market dynamics and fortifying the nation's financial sector.

"These measures are instrumental in sustaining economic momentum while fostering an environment conducive to both domestic and international investment,” he added.

Meanwhile, on TRX’s status as the country's International Financial Centre (IFC), Anwar said TRX enjoys special status whereby the government has provided a slew of incentives for companies moving their base here.

ALSO READ: Madani govt confident of achieving stronger GDP growth of 4-5% in 2024

"These encompass an industrial building allowance, tax exemption on 70 per cent of the statutory income for a period of five years for property developers, stamp duty exemption on loan and service for TRX status company, " he said.

TRX has emerged as a global business hub with a diverse array of companies and a working population of over 30,000 people including 20,000 knowledge workers.

The 28.33 hectare Tun Razak Exchange is located at the heart of Kuala Lumpur, boasting state-of-the-art infrastructure and cutting-edge facilities. TRX City Sdn Bhd (TRXC), a wholly owned subsidiary of MOF Inc, is the master developer of the TRX District. - Bernama