KUALA LUMPUR, Feb 27 — Immediate action to explore new growth areas must be undertaken in tandem with the empowerment of the main sectors, said Paya Besar assemblyman Datuk Mohd Shahar Abdullah.
Mohd Shahar, who is also the Special Select Committee On Finance and Economy chairman, said the export of electronic products and commodities to new markets must also be undertaken immediately without dependency on existing markets.
"We cannot solely depend on foreign direct investments (FDI). Instead, efforts to intensify and spur domestic investment must be the priority.
“The government needs to determine the incentives and attractions that can be provided to attract investor interest in the country's equity and capital markets," he said when debating the Royal Address in the Dewan Rakyat today.
Regarding Malaysia's 2023 economic growth of 3.7 per cent, below the targeted 4.0 per cent, Mohd Shahar said this was related to the decline in the country's exports, although the impact from external factors was mitigated by the strong domestic demand.
He said there must be a plan to improve the situation so that the balance in the current account does not continue its downward trend.
"I believe that this can be improved if the export performance is dominated by manufacturing high-quality products and maintaining competitive pricing, as well as driving innovation and productivity through research and development in high-value manufacturing sectors," he added.
— Bernama
