Malaysia economic growth, future plans highlighted at MITI’s CNY event
KUALA LUMPUR (Feb 17): The Investment, Trade and Industry Ministry (MITI) hosted its annual Chinese New Year reception, where Malaysia’s economic growth and future plans under the leadership of the minister Tengku Datuk Seri Zafrul Abdul Aziz.
The event, held at Perdana Hall of MITI Tower last week, brought together government officials, business leaders, and international delegates.
In his speech, Tengku Zafrul emphasised the importance of Malaysia’s multicultural identity and its alignment with the Malaysia Madani framework, which prioritised inclusivity, sustainability, and shared prosperity.
He also outlined his ministry’s ongoing commitment to fostering economic growth despite global uncertainties.
“Approved investments in Malaysia reached RM254.7 billion in the first nine months of 2024, marking a 10.7 per cent increase from the previous year.
“These investments span over 4,700 new projects, and are expected to generate nearly 160,000 jobs.
“Domestic investments contributed RM148 billion, or 58.1 per cent, while foreign investments stood at RM106.7 billion, or 41.9 per cent, reflecting strong investor confidence.
“Malaysia’s total trade reached a record RM2.9 trillion in 2024, a 9.2 per cent increase from the previous year, driven by a 5.7 per cent rise in exports totalling RM1.5 trillion.
“A significant trade surplus of RM136.88 billion further reinforced Malaysia’s strong economic position.
“MITI remains focused on implementing key policies to sustain growth, including the New Industrial Master Plan (NIMP) 2030, a strategy aimed at enhancing Malaysia’s manufacturing sector, with a target of RM600 billion in GDP contribution and 3.3 million job creations by 2030.”
Tengku Zafrul added that the National i-ESG Framework and Circular Economy Policy supported Malaysia’s goal of achieving carbon neutrality by 2050, ensuring a sustainable and environmentally responsible economy.
Moreover, he said looking ahead, Malaysia is set to take on a pivotal role as the 2025 Chair of Asean, focusing on inclusivity and sustainability.
“MITI’s efforts will be centred on strengthening regional economic cooperation through agreements like the Comprehensive Economic Partnership Agreement (CEPA) and the Asean-China Free Trade Agreement (ACFTA).
“MITI also aims to attract high-quality investments, particularly in green technology and digital transformation, while advancing industrial strategies under NIMP 2030 and the Circular Economy Policy to foster sustainable growth.”
On this Chinese New Year celebration, Tengku Zafrul encouraged attendees to ‘embrace’ the wisdom and resilience symbolized by the ‘Year of the Snake’.
Moreover, he reiterated MITI’s dedication to advancing Malaysia’s economic growth and ensuring its competitive edge in the global market.
“Together, we can overcome challenges, seize opportunities, and create a prosperous future for all Malaysians,” he said.
-Agency
