KUALA LUMPUR: Malaysia is poised to benefit from the anticipated influx of tourists next year, with the travel and tourism industry fully recovering globally, according to the Economic Outlook 2025 report.
The report released by the Finance Ministry (MOF) on Friday (Oct 18) noted that Budget 2025 will focus on upgrading facilities and systems at all entry ports.
It added that this will enhance Malaysia's readiness to leverage the hosting of numerous nationwide international and regional-scale meetings, incentives, conferences, and exhibitions (MICE), including Malaysia's 2025 ASEAN Chairmanship and various 2025 state-level visit year programmes.
The report stated that the government will also intensify promotions of Visit Malaysia Year 2026 via strategic advertising and promotional activities and increase Malaysia's visibility at the World Expo.
"This will restore international tourist arrivals to the pre-pandemic period and reaffirm Malaysia's status as one of the top tourism destinations globally," said the 204-page report.
The report said the government will diversify the tourism industry further by capitalising on the Malaysia My Second Home (MM2H) programme to attract high-net-worth foreign nationals to reside in Malaysia long-term.
It said the enrolment would be facilitated through favourable conditions to encourage higher participation, with retirees, expatriates, medical tourists, and foreign investors as its targets.
"The focus on MM2H will generate spillover effects to the domestic economy, particularly in real estate, healthcare, and education, further strengthening Malaysia's standing as a preferred second-home destination," read the report.
It noted that Budget 2025 will strengthen the implementation of good management practices to increase the productivity and efficiency of business operations, thus promoting environmental, social, and governance (ESG) and adopting advanced technologies among companies and industries.
Additionally, it said existing regulations will be reviewed to increase the country's competitiveness, and bureaucratic processes will be streamlined further to expedite project implementation.
The report also noted that measures such as enhancing the administrative system, digitalising public services, and implementing flexible regulations will be continued as efforts to improve governance towards strengthening the country's competitiveness.
Other than that, Budget 2025 will continue to promote investment in improving infrastructure and leveraging advanced technologies while developing skilled talents in relevant fields competent to support the modern logistics industry, thus positioning Malaysia as a competitive logistics hub in the region, it added. - Bernama
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