Malaysian economy will see brighter days ahead, says Finance Minister

  • Nation
  • Thursday, 08 Sep 2022

SHAH ALAM: The Malaysian economy will see brighter days given the current positive trends, says Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (pic).

He said the nation's economy is expected to be supported by more robust economic and social activities, as well as strong domestic and foreign demand.

"Economic growth momentum is expected to remain strong in the third quarter of 2022, driven by encouraging progress in external trade and tourism," said Tengku Zafrul in his speech at the Selangor Aviation Show 2022 (SAS) here on Thursday (Sept 8).

He said the Federal Government and the Finance Ministry were aware of the various challenges faced by the various industries including lengthy bureaucracy that may prevent foreign and domestic investors from conducting business in Malaysia.

"Rest assured that we are working to address these issues," said Tengku Zafrul.

He added that he was confident initiatives, such as the SAS, will be a conduit connecting industry players from ASEAN and all over the world to do business in Malaysia.

The minister added he hoped the event will become a permanent fixture in Malaysia and the ASEAN region.

Tengku Zafrul also said it was made known to him that the Selangor State government has been working closely with aerospace industry players to identify areas of collaboration and to stoke the nation's aerospace industry.

He said this is being done through the state's investment arm, Invest Selangor.

"I look forward to seeing positive results soon. I am hopeful that more business opportunities and collaboration efforts will emerge here at the SAS," he said.

Tengku Zafrul added he also hoped both the state and federal governments will continue to collaborate in order to achieve the goals and aspirations of the Twelfth Malaysia Plan, Malaysia Aerospace Blueprint, and the Selangor Aerospace Action Plan.

Earlier in his speech, Tengku Zafrul said he and the Finance Ministry have been working very closely with industry players and other ministries to maintain confidence in international and financial markets and reopen international borders.

He also said that he and the Finance Ministry have also been working to lift Covid-19 restrictions, and provide subsidies to ease the difficulties faced by the people as well as businesses entities.

"Prior to economic sectors opening up, it was imperative for the federal government including the Finance Ministry to stimulate economic growth by investing in strategic sectors," said Tengku Zafrul

He added that one of these sectors is the aerospace and aviation industry, which was deemed in the Twelfth Malaysia Plan to be one of the key drivers to propel Malaysia's economic growth.

Tengku Zafrul then said that Malaysia has managed to maintain an expansionary fiscal policy through Budget 2021 and 2022, as well as an accommodative monetary policy since the onset of the Covid-19 pandemic .

"This was supplemented by eight economic stimulus and assistance packages totalling RM530 billion to support the lives and livelihoods of the people, continuity of businesses, as well as to recover the economy," said Tengku Zafrul.

He said the results were already showing with the nation's economy growing 8.9% in the second quarter of 2022 and outperforming several developed and regional countries.

"Such positive recovery has been evident since the fourth quarter of 2021," he said.

This is the second time the Selangor Government has organised the SAS.

The event was opened by the Raja Muda Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah.

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