KUALA LUMPUR: Malaysia will continue with its reform strategies for the betterment of the nation’s economy amid challenging market conditions.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the Madani Economic framework is “clearly in place” and the execution via the National Industrial Master Plan 2030 and National Energy Transition Roadmap will continue as planned.
“These are structural and fundamental elements that must be sustained,” he said during a Ministerial Dialogue on Asean’s structural macro policies here yesterday.
Citing an example given by Indonesian Vice-Finance Minister Thomas Djiwandono that reprioritisation is necessary, Amir Hamzah said this move will allow impact from recent challenges, such as the heated issue of tariffs, to be cushioned.
US President Donald Trump announced retaliatory tariffs less than a week ago, with Malaysia being hit with 24% for goods exported to the United States.
“So, for example, if there is a way to activate a better market environment whereby private markets in Malaysia will be much more robust than they are today, we can (promptly) provide some liquidity into the market to allow businesses to thrive along the way.
“If we are able to simplify the regulatory environment and ease (the process of) doing business, then competitively we will be in a better state than many others.”
Amir Hamzah emphasised that while specific aspects may take priority in terms of softening the blow from economic hurdles, reforms should not be delayed.
“Reforms will secure the success of the country going forward,” he said.
