Malaysia continues to be a global business and investment destination. Here is a summary of my Invest Malaysia 2013 speech:
I am delighted to have been invited once again to the 2013 Invest Malaysia summit here in Kuala Lumpur. The next two days will be filled with an impressive roster of corporate presentations and panel discussions. I have taken this wonderful opportunity to offer my thoughts on investment in this age of Asian ascendancy.
I have also announced initiatives aimed at attracting new talent to Malaysia’s capital markets. On top of this, a new, 5-year Multiple Entry Visa will be introduced for qualified business investors and fund managers who are not Malaysian citizens.
We must also continue our efforts to build Malaysia into a regional energy hub. With this in mind, I have announced the widening of a scheme aimed at attracting companies trading in petroleum and petroleum products. The Global Incentives for Trading Programme will now be applicable for trading with both resident and non-resident companies, making it more attractive and supporting Malaysia’s ambition to become a regional energy hub.
The energy industry contributes more than 40% of our national income; further growth in this key industry is essential to safeguard our country’s medium and long-term position.
The three phenomena in world economy, namely China’s modernisation, the rise of emerging economies (BRICS), and the Southeast Asian single market will fundamentally alter Asia’s investment landscape. They pose challenges for policymakers, and opportunities for investors. The way we react to them will determine our prosperity for decades to come.
With these factors in mind, I believe we must choose a flexible and open economy; engaging more with our regional partners, securing inward investment, and opening our industries up to greater competition.
We must strengthen domestic investment, building our government-linked and private sector companies into global and regional champions, and giving our small and medium sized enterprises the means to compete on the world stage.
The Economic Transformation Programme has a definite vision of the kind of economy it is intended to create. We want to stimulate more foreign investment, boost domestic demand, and ensure the rewards of sustainable growth are made available to all Malaysians. We want to revise costly and inefficient subsidies. And we want to reduce the state’s role in private enterprise, to avoid warping markets.
As we approach the status of a developed nation, it is time to reflect; to ask ourselves “where next?” Over the next five years, we have the opportunity to set Malaysia’s path for decades to come. As key players in the Malaysian capital markets, I urge you to work closely with us to ensure that our capital market meets the needs and expectations of investors, businesses and the economy as a whole.
You can read the full speech here.