Finance Minister II Datuk Seri Amir Hamzah Azizan. —AZHAR MAHFOF/The Star
KUALA LUMPUR: The ringgit is expected to strengthen further as determined by market forces, said Minister of Finance II Datuk Seri Amir Hamzah Azizan.
He said the ringgit will be driven by positive economic growth and initiatives by the government to attract investments.
The US interest rates, he added, will also have an impact on the ringgit.
"We believe the economic growth projections of four to five per cent in 2024 can be achieved and may go to a higher level," he told reporters at the 41st Malaysia-Japan Economic Association (MAJECA)- Japan-Malaysia Economic Association (JAMECA) joint conference.
The fiscal reform by the government, efforts in containing inflation and the high-level investments approved as well as the policies to stabilise and develop the country, he noted, will also support the economy and the ringgit.
In his luncheon address, Amir Hamzah said Malaysia appreciates the strategic role played by Japan in the early industrialisation of Malaysia with large-scale investments and technology inflows.
"Currently, there are more than 1,500 Japanese companies in Malaysia investing in a wide range of industrial and business sectors. This is a recognition that Malaysia is an excellent investment destination.
"As both our countries are part of the greater East Asian region, we continue to value and welcome Japanese investments, technology and partnerships. Malaysia prepares to embark on the chairmanship of ASEAN in 2025, and this opens more possibilities for joint economic engagement in ASEAN," he added. - Bernama
