KUALA LUMPUR, May 18 — Malaysia’s growing foreign direct investments (FDI) shows the Pakatan Harapan government’s institutional reform measures are bearing fruit, Lim Guan Eng said today.
The finance minister said such policies was provided by a competent, accountable and transparent government that led to 4.5 per cent economic growth in the first quarter of the year, beating Bloomberg’s market prediction of only 4.3 per cent growth.
“This Wesak Day is an opportunity for us to reflect on the path we have taken in the past year and chart our way towards a more harmonious, prosperous and inclusive Malaysian society.
“And we have been blessed to have our national purification by way of institutional reforms rewarded with encouraging results,” he said in a statement.
He said the 4.5 per cent expansion demonstrates the resilience of our economy in the face of uncertain external challenges caused by the China-US trade war.
Lim said the first quarter of the year also recorded the highest realised FDI as well as the largest number of tourist arrivals in two years, with a total of 6.696 million visitors.
The Bagan MP said the realised FDI increased by 94.8 per cent to RM21.7 billion in the same quarter from RM11.2 billion a year ago, which he said reflects the rising confidence of foreign investors in Malaysia.
“The RM21.7 billion realised FDI in the first quarter of 2019 is the highest level ever recorded in Malaysian history for one quarter.
“These new investments will raise the economy’s growth potential and create additional jobs for Malaysians in the near future,” said Lim, adding that the federal government hopes to see the local private sector emulating the same confidence shown by the foreign investors.
Lim said the federal government will pursue inclusive growth in line with the “shared prosperity” principles to ensure prosperity for all.