KUALA LUMPUR: Malaysia is actively pursuing energy market reforms to enhance the country’s attractiveness as the preferred destination for energy investments, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
He said the government would continue to strive for energy market reforms even with its status as among the world’s largest liquefied natural gas (LNG) provider and blessed with a strategic position to provide solutions to new markets seeking access to clean and modern energy.
“Malaysia is prepared to not only meet the rise in energy demand but also navigate the energy transition while ensuring a greener and cleaner tomorrow for future generations.
“Thriving with investment opportunities, the measures that we have introduced will nurture a healthy and conducive ecosystem for business activities,” he said in his special address at the 20th Asia Oil and Gas Conference (AOGC) 2019 yesterday.
He also noted that Malaysia is keen to collaborate and is open to win-win partnerships in new growth areas as it forges a new energy future.
Azmin noted that oil and gas, as well as petroleum and petrochemical products, accounted for 21% of Malaysia’s total exports, amounting to RM211bil in 2018.
On the impact of the US-China trade war on the sector, he said Malaysia continues to experience significant growth in energy demand, particularly power generation.
“Malaysia will benefit from trade and investment diversion as the US-China trade war is expected to heighten market volatility.
But overall, we see a gloomier trade outlook should the trade war remain unresolved.
“Being in the mainstream of the global economy, Malaysia needs to remain agile and be anticipative of the highly-challenging and fast-changing external environment,” he said.
He explained that as an emerging economy, Malaysia must pioneer new growth sectors to drive investment and capacity building.
“This is also in line with the aspiration to achieve shared prosperity.
The inclusive development of the domestic economy is essential to bridge gaps between urban and rural cities,” he said. — Bernama
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