Malaysia’s Vision of Inclusive and Sustainable Growth: Prime Minister Keynote at the 63rd WFE General Assembly

On November 20, 2024, Malaysia’s Prime Minister, YAB Dato’ Seri Anwar Ibrahim, delivered a compelling keynote address at the 63rd World Federation of Exchanges (WFE) General Assembly and Annual Meeting. Held at the Mandarin Oriental in Kuala Lumpur, the event gathered global financial leaders to discuss the evolving role of exchanges and capital markets in a rapidly changing world.

Malaysia’s Economic Transformation and Resurgence
Prime Minister Anwar began by highlighting Malaysia’s strategic position as a historical nexus of global trade and commerce. Reflecting on Malaysia’s ongoing transformation, he underscored the success of the Malaysia MADANI initiative, a values-based governance framework aimed at rebuilding the nation’s foundations.

Economic indicators paint a picture of resurgence. Malaysia’s GDP growth for the third quarter of 2024 reached 5.3%, driven by transformative policies and foreign direct investments (FDI) from global tech giants such as Amazon Web Services, Google, and Microsoft, amounting to $16.9 billion. Approved investments reached a record RM329.5 billion in 2023, a 23% increase from the previous year.

This growth has not gone unnoticed by international agencies, with S&P Global, Fitch Ratings, and Moody’s maintaining stable outlooks for the nation.

MADANI Framework: Sustainability and Prosperity
At the heart of Malaysia’s resurgence lies the Ekonomi MADANI, a framework grounded in values like sustainability, prosperity, innovation, and compassion. Anwar emphasized its focus on equitable wealth distribution and fostering social mobility while ensuring robust governance.

Key policies driving this framework include the New Industrial Master Plan 2030, the National Semiconductor Strategy, and the National Energy Transition Roadmap (NETR). These initiatives aim to enhance economic competitiveness, develop human capital, and advance high-value industries such as artificial intelligence, renewable energy, and electronics.

The government has committed RM120 billion in direct investments through Government-Linked Investment Companies (GLICs) over the next five years, further catalyzing domestic growth.

Capital Markets as Catalysts for Wealth Creation
Anwar highlighted the critical role of Malaysia’s capital markets in driving economic growth and inclusivity. The equity market capitalization now exceeds RM2 trillion, underpinned by robust regulatory frameworks and active promotion of Environmental, Social, and Governance (ESG) principles.

He commended Bursa Malaysia and the Securities Commission for ensuring a dynamic and investor-friendly marketplace. Initiatives like the National Sustainability Reporting Framework align Malaysian markets with global standards, fostering transparency and sustainability.

Retail participation in equity markets remains an area of focus, with efforts underway to increase engagement from the current 25.7% of traded value. Greater retail participation aligns with Ekonomi MADANI’s vision of making wealth creation accessible to all.

ASEAN Chairmanship 2025: A Vision for Regional Progress
Looking ahead, Malaysia’s ASEAN Chairmanship in 2025 presents an opportunity to champion regional inclusivity and sustainability. With nearly 700 million people across ASEAN, Anwar pledged to prioritize shared progress under the theme “Inclusivity and Sustainability.”

This includes supporting the ASEAN Community Vision 2045 and fostering stronger regional cooperation through initiatives such as the MoU to be signed by ASEAN Exchanges at the WFE event.

In summary
Prime Minister Anwar’s keynote served as a rallying cry for collaboration, innovation, and sustainability. By aligning governance with human values and leveraging Malaysia’s strategic advantages, his vision positions the nation as a global leader in fostering economic resilience and inclusivity.

The 63rd WFE General Assembly concludes with a renewed sense of purpose, reflecting the spirit of partnership and progress that Malaysia embodies on the global stage.

-AsiaNewsToday

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