Business : Malaysia Is Back In Business, Amir Hamzah Tells IMF-World Bank Meetings

BANGKOK, October 19 — During the International Monetary Fund (IMF)-World Bank Group Annual Meetings in Bangkok, Malaysia emphasized its return to business as usual, highlighting political stability, clear policies, and ongoing reforms that have bolstered investor confidence amid global uncertainty. Finance Minister II Datuk Seri Amir Hamzah Azizan pointed out that these factors have facilitated foreign direct investment (FDI), while Malaysia's economy has remained robust, even amidst geopolitical tensions and disruptions in global trade.

Hamzah highlighted Malaysia's strong economic performance, with GDP growth of 5.2 percent in the previous two years and 5.7 percent in the latest quarter. This growth reflects the resilience of Malaysian industries and their essential role in global supply chains. Speaking to Bernama, Hamzah stated that Malaysia's message to the world is that it is back in business.

In addition to political stability and economic growth, Malaysia is also focusing on fiscal discipline and good governance. The government is implementing reforms such as the Fiscal Responsibility Act and the Government Procurement Act, as well as future legislation on subsidies and government-linked enterprises to enhance transparency and accountability.

These measures aim to assure investors that Malaysia's policies and institutions are becoming more robust and sustainable, thereby reinforcing confidence in the country's economic prospects.

Hamzah noted that this investor confidence was evident in Malaysia's recent issuance of US$1.5 billion worth of global sukuk, which was significantly oversubscribed at a rate of 4.7 times and received competitive pricing. He also emphasized the government's commitment to ensuring that investment and economic growth translate into better incomes and opportunities for Malaysians through higher wages, skills development, and more participation by local businesses in supply chains.

Furthermore, Malaysia is leveraging artificial intelligence (AI) and digitalization to enhance productivity, modernize public services, and generate higher-value jobs. Hamzah mentioned that the government is keen on ensuring that new investments, particularly in data centers, generate greater benefits for the domestic economy.

The annual meetings serve as a notable platform for Malaysia to showcase its economic advancements, enhance international confidence, and learn from global developments to expedite domestic reforms. The ultimate goal, according to Hamzah, is to build a stronger, high-income economy where the benefits of growth are more equitably distributed among Malaysians, including future generations.