Malaysia has potential to become ‘economic giant’ in region - PM Anwar

KUALA LUMPUR: Malaysia has enormous potential to emerge as an “economic giant” in the region, said Prime Minister Datuk Seri Anwar Ibrahim.

Speaking during the luncheon of the 47th annual general meeting of the American Malaysian Chamber of Commerce (Amcham), Anwar stressed that Malaysia must remain a trading nation and be open to investments.

“We made it very clear that the government will support investments from overseas, particularly from the United States,” he said in reference to the domestic issue surrounding BlackRock.

Anwar, who is also the finance minister, revealed that the government is addressing the issue of preparedness to undertake the necessary measures to ensure Malaysia remains competitive and continues to grow. “We have the workforce, infrastructure and the semiconductor ecosystem, and now we are pushing ahead on the fast track the issue of energy transition, both in Peninsular Malaysia and Sabah and Sarawak,“ he said.

Anwar noted that Penang is a fine example of how investments from foreign investors have immensely benefitted the country’s economy. The Prime Minister said the advantages can be seen through the transfer of technology, training and the establishment of centres of excellence.

“From the early days...Intel Corporation for example, used Penang as their base, and Penang has now emerged as one of the major centres for semiconductors in the country, from the back end to the front end.

“Therefore, (I am) here to personally acknowledge that and thank you for your confidence and (we will) give all the necessary support and help to facilitate (and) we will accelerate (the investment process),” he said.

Anwar said although there are growing investments from Europe, particularly Germany and Netherlands, and also China, cumulatively the United States is the largest investor in Malaysia.