King optimistic for M'sia's economic recovery after total trade soared to RM1 trillion in first half of 2021

Photo: Bernama

KUALA LUMPUR: Malaysia's total trade has soared to RM1 trillion in the first six months of the year and investments in all sector of economy in the country appeared to have increased by nearly 70%, said Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al'Mustafa Billah Shah.

"The total trade has reached RM1 trillion in a period of six months this year. The domestic investments achievements for all economic sector has also risen to 70%,"during the Royal Address in Parliament on Monday (Sept 13) morning.

"This clearly gives a positive image that Malaysia is a very competitive country, business friendly and also a strategic location for domestic and international investors," he said

The King also welcomed the government's assurance to spur economic growth so that it becomes more sustainable and competitive, particularly in the trade and investment sector

At the same time, His Majesty also said out of the RM107bil in investments that was approved by the government, the government has managed to acquire RM40bil from three trade and investments."

The King also said he is grateful that the gross domestic product (GDP) for the second quarter of this year has increased by 16.1%.

The Yang di-Pertuan Agong also praised the government's plans to gradually reopen the economy.

"As a whole, the implementation of stimulus packages and the reopening of the economy was very well-diversified, showing trends of economic recovery."

The King also noted the role of government aid in assisting the downtrodden, as he said that such measures to distribute cash hand-outs had benefited 10 million recipients from the B40 and M40 groups in the second half of 2021.

"For businesses under the Pemulih package, the 'geran khas prihatin' worth RM1,000 will be paid to more than one million micro-SME owners," he added.

"To ensure business continuity, Pemulih has also prepared wage subsidy schemes for four additional months, worth almost RM4bil, that will benefit more than 200,000 employers."

Although the present economy was battered by the Covid-19 pandemic, the King was optimistic that the Malaysian economy would show signs of recovery once more people are vaccinated.

"This will also give confidence to stakeholders and investors," His Majesty said.

"Therefore, the government must wisely expedite economic recovery through the enactment of business and investment friendly policies to spur the nation's competitiveness," he added.

The upcoming Parliament meeting will run for 17 days from Sept 13 till Oct 12.

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