Malaysia turns economic focus towards resilience
MIDA chairman Tengku Datuk Seri Zafrul Abdul Aziz said fuel subsidy rationalisation and the Fiscal Responsibility Act had strengthened public finances.
Malaysia is placing resilience ahead of efficiency in its economic priorities, according to the Malaysian Investment Development Authority (MIDA). The agency said the country was still beating growth forecasts amid an uncertain global environment.
Addressing the Youth Economic Forum in Kuala Lumpur on Oct 3, MIDA chairman Tengku Datuk Seri Zafrul Abdul Aziz said economic leadership required readiness to capture opportunities and withstand unforeseen shocks. He credited fuel subsidy rationalisation and the Fiscal Responsibility Act with strengthening public finances.
Tengku Zafrul said reforms needed to protect vulnerable groups while developing national capacity. He called for income improvements through productivity-linked wage increases, better-paying employment and greater support for entrepreneurship.
He said changing trade routes and artificial intelligence were transforming employment, including jobs that previously gave young people a starting point in their careers. Malaysia could benefit economically from its young population only through gains in productivity and innovation, higher-value employment and business creation, he added.
With investment reaching record levels in Malaysia and the region, Tengku Zafrul urged scrutiny of the benefits for Malaysians. He questioned how many high-income jobs, newly skilled young engineers and SMEs connected to international supply chains resulted, and said capital should strengthen firms while technology should improve skills.
