KUCHING: A federal minister has acknowledged Sarawak’s significant role in the country’s fiscal landscape, admitting that the state is contributing to the overall Malaysian economy.
Deputy Finance Minister Datuk Seri Ahmad Maslan said the state’s advantages include resource-rich economy, infrastructure development, industrial and manufacturing growth, agriculture and agribusiness, tourism potential, small and medium enterprises (SME) developments, government initiatives, social and cultural significance.
To make it more attractive, he said, improvements and enhancements can be made, with collaboration between various government agencies such as the Malaysian Investment Development Authority (MIDA) and the Ministry of International Trade and Industry (MITI).
“By addressing these areas of concern and collaborating closely with relevant government agencies like MIDA and MITI, Sarawak can enhance the attractiveness of its programmes and foreign investment policies,” he said.
Speaking at the launch of the 25th Asean Valuers Associations (AVA) Congress held here today, Ahmad Maslan said the main risks to the economic outlook relate to global growth, commodity prices, financial conditions and geopolitical uncertainty.
Specifically, global growth slowdown, high commodity prices and financial tightening in advanced economies will continue to affect the world’s economy.
“I believe that most countries in the Asean region are currently struggling to rise after being affected by Covid-19. Malaysia is certainly not immune to this either,” he said.
According to him, the Malaysian economy expanded moderately in the second quarter of 2023, with a 2.9 per cent expansion in real GDP, weighed mainly by slower external demand.
Looking ahead, he said, the outlook for the Malaysian economy remains positive, with a projected moderate growth rate of at least 5 per cent annually until 2024.
“The current economic performances show various positive changes that indicate the country’s economic direction being on the right track.
“The introduction of Madani Economy, the latest economic framework announced by Prime Minister Datuk Seri Anwar Ibrahim in July 2023, aims to boost Malaysia’s economy.
“To expand the positive impact of the framework, the National Energy Transformation Plan (NETP) and National Industrial Master Plan 2030 (NIMP 2030) were also launched with the objective of driving Malaysia socioeconomic growth for the next 10 years,” he said.
