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Malaysia’s Minister of Investment, Trade and Industry Tengku Zafrul said the country’s semiconductor exports would benefit from increased global demand. Noting that Malaysia is benefiting from the electrical and electronics industry, especially chips and semiconductors, he stressed the importance of maintaining a policy of “active neutrality” between the US and China.
Tengku Zafrul said Malaysia’s investment hit a new high of RM225 billion in the past decade, despite a 12 per cent drop in global foreign direct investment. He also highlighted the diversification of trade with other countries and regions, as well as the increase in intra-ASEAN trade.
In addition, he revealed the Digital Economy Framework Agreement, which is scheduled to be completed by 2025. While wary of global economic events, he remains conservatively optimistic about Malaysia’s gross domestic product (GDP) growth rate in 2024, which is expected to be around 4% to 5%.
(Source: Bernama Image source: freepik)
