PETALING JAYA: China’s commitment to invest RM170 billion in Malaysia reflects confidence in Prime Minister Anwar Ibrahim’s leadership, says former finance minister Lim Guan Eng.
He said Anwar’s successful maiden trip to China would help boost Malaysia’s economic growth and job creation.
“The largest ever investment interest from China and other countries demonstrates faith in Anwar leading a government that is competent, inclusive, diverse, transparent and accountable,” he said in a statement.
He noted that inflation had continued to moderate to 3.7% in February.
“This contrasts with the irrationality of the opposition’s economic framework comprising extremist suggestions, including printing money to give to the poor or completely dismantling the existing financial or capital markets,” Lim said.
He also quoted the Asian Development Bank’s upgraded growth outlook for Malaysia’s 2023 GDP from 4.3% to 4.7% despite the current fears of a recession or even a deep recession in the United States.
The bank’s outlook this month noted that Malaysia’s economic performance this year would depend on stronger growth in China together with the tourism industry’s recovery and Putrajaya’s continued commitment towards boosting domestic consumption and taming inflation.
Last Saturday, the RM170 billion commitment was secured after 19 memoranda of understanding (MoUs) were signed between Malaysian and Chinese companies at a round-table meeting with elite Chinese business leaders.
According to Bernama, the one-hour meeting was attended by some 50 investors and captains of industry from various sectors, including high-level technology, digital economy and agriculture businesses.
China has been Malaysia’s largest trading partner since 2009, and total trade between the two nations touched RM487.1 billion in 2022.
China was also the top investor in Malaysia last year, contributing 21% of the RM264.6 billion investments the country approved in 2022.
Source: https://www.freemalaysiatoday.com/category/nation/2023/04/06/chinas-investments-reflect-confidence-in-anwars-leadership-says-guan-eng/