PETALING JAYA: A new strategy to revive the economy is to be announced, “maybe in the middle of March”, Prime Minister Muhyiddin Yassin said today.
He said it would be a comprehensive strategy, which he had just discussed with the finance minister (Tengku Zafrul Aziz).
I will announce what the real strategy is, so that we can get out of the current problem faster and our economy will become more vibrant,” he said in a special interview with Bernama and other news organisations to mark his first year as prime minister.
“Just wait, I will announce that, maybe in the middle of March,” he said while discussing the measures that had been taken to prop up the economy in the face of movement and business restrictions because of Covid-19.
“At this juncture we have reopened the economy and we believe we cannot impose a clampdown. Maybe the tourism sector has not recovered as we had wanted, that we have to see,” he said.
He said foreign investors, including Fortune 500 companies, have continued to show interest in investing in Malaysia due to various incentives offered by the government.
“It is important that we increase investment, but we set our eyes on (certain) sectors such as high technology and digital,” he said. In addition, the government has also decided to encourage domestic investment.
He recently launched the MyDigital programme to turn Malaysia into a technologically-advanced economy by 2030. Part of the programme involves a RM15 billion project to invest in 5G mobile communications technology.
Muhyiddin said Malaysia received a total of RM109.8 billion in new investments for the first nine months of 2020 involving almost 3,000 projects, with 64,701 jobs created. The manufacturing sector accounted for almost 60% of RM65.3 billion investments, followed by services and other primary sectors.
He said the government’s comprehensive plan on the economy had yielded results in reducing the impact of the Covid-19 pandemic on the national economy.