Malaysia has potential to be business hub for global south – Liew

KUALA LUMPUR: Malaysia, especially the greater Kuala Lumpur, has the potential to be the business hub or regional headquarters for the Global South, said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

He noted that Malaysia boasts experienced business leaders and employees who have collaborated with Western, Japanese, and Korean industries for decades, in addition to having strong cultural connections with Arab, Chinese, Indian, and other international businesses.

“Admittedly, we need to engage more with Africa and South America as a nation and through our businesses.

“Not many countries are as culturally rich as Malaysia. We must leverage this strength to help the multipolar world connect and do business with each other,” he said at the National Chamber of Commerce and Industry of Malaysia (NCCIM) Annual General Meeting today.

Liew said that a long-time observer of the Malaysian economy told him that of the last 20 years, the current government is the most purposeful government with the clearest economic agenda.

“Of course, clarity on the economy doesn’t mean that our nation will get rich overnight and all the past problems would be swept away,” he said.

Nevertheless, he emphasised that the market and investors appreciate the clarity of policy intentions.

He noted that last year, approved investments rose to a historic high of RM329.5 billion, and the economy is estimated to have grown by 5.8 per cent in the second quarter of 2024.

“It is now not far-fetched to envisage growth at closer to five per cent this year, a bit higher in 2025, and even above six per cent in 2026 if we get our acts together and if the global conditions are in our favour.

“The Madani Economy Framework has clearly articulated the need to raise the ceiling and raise the floor, and Prime Minister Datuk Seri Anwar Ibrahim is very clear in his approach. The nation would not grow if the people were not sharing the fruits of growth,” he added.