In response to the global economic slowdown in the coming year, International Trade and Industry Minister Tengku Zafrul listed three top priorities.

He issued a message saying that to restore investor confidence, it is important to ensure that international trade remains the engine of growth. Bilateral and multilateral agreements will be reviewed to ensure that they are developed and implemented with real value and advantage to our supply chain participants.

Preparing for a global economic slowdown

Global Economic Slowdown
Image Credit: Mci

Zafrul believes it is necessary to increase Foreign Direct Investment (FDI), which is one of the country’s largest sources of foreign exchange and a key part of the economic recovery. He will also ensure that his ministry continues making Malaysia the investment destination of choice and making the country one of the most competitive in the world.

The Ministry of Trade and Industry is also proposing to set up a special investment fund in the 2023 budget, which is intended to attract more high-value-added investments and create high-paying professional jobs.

He also pointed out the need to attract investors for the country’s electrical and electronics sectors. He said this would be coupled with human capital development measures to facilitate the restructuring of the trade ecosystem in the medium to long term.

He will also engage with Malaysian trade stakeholders to ensure that we improve our competitive, business-focused trade ecosystem.

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