These are among the many challenges that the country is facing, he pointed out.

Anwar, who is also finance minister, said the factors that will be taken into consideration are the country’s competitiveness, the speed of business approvals as well as several new initiatives, including digitisation and sustainable consumption as well as production of natural resources in the downstream process in Budget 2023.

“We are trailing behind (in those areas) compared to Indonesia, Thailand and Vietnam,” he said while addressing the finance ministry’s monthly gathering here today.

“As such, we must address these issues to ensure we remain competitive,” he added.

Also present were deputy finance ministers Ahmad Maslan and Steven Sim.

Anwar said the biggest challenge in drafting Budget 2023 was to come up with well-balanced policies that would attract investors while protecting the people, especially the hardcore poor.

“Sometimes there is a clash of ideas and policies. This can be an example of how we can translate Madani into economic growth.

“We are focusing on the people, nobody should feel left out and uncared for,” he said.