He told the Dewan Rakyat that the government’s goal in doing so was to reduce the gap between urban and rural development while ensuring fair distribution of economic opportunities.

“The economic development policy under the 12th Malaysia Plan will be aligned with the Shared Prosperity Vision 2030 with the goal of sustainable development with fair and inclusive economic distribution to all income groups, ethnicities, territories, and supply chains.

“For example, when South Korea’s SK Nexilis decided to open a RM4.2 billion facility in Malaysia, we managed to get them to place their investment in Kota Kinabalu, Sabah.

“This is a high-technology industry producing copper foils for electric vehicles. This facility will give Sabahans the chance to get high-quality and high-income employment,” Azmin said in his winding-up speech on the King’s address.

The Shared Prosperity Vision 2030 was introduced by the PH government in October 2019 and was continued when the Perikatan Nasional (PN) administration took over Putrajaya.

Former prime minister Muhyiddin Yassin then formed the Shared Prosperity Council to determine policies and strategies for the vision.

Azmin also admitted that the foreign direct investment (FDI) landscape would remain challenging and competitive in the near future, saying Putrajaya would not play down such reports.

He said the government had taken “aggressive and continuous” action to address the drop in FDIs in the past year, pointing out that those approved had increased by over 200% in the first half of 2021 compared with the same period last year.

He added that the recovering global economy has had a positive impact on Malaysia’s trade with the rise in external demand and exports.

He said there was an increase in trade for almost all exported goods, including those in the electrical and electronics, petroleum, rubber, and palm oil sectors.