He said the oil and gas sector has also performed slightly better over the last few months.

“For 2022, we are a bit bullish about prospects as trade and investment have done well. So overall, I want to say that, looking at the supply side, whether it is manufacturing or agriculture or mining, there is evidence of a pick-up and all these indicators are pointing to a good recovery next year,” he said

“We are cautiously optimistic and this is relevant in the context of domestic consumption and investment. We foresee a revival in domestic investment, and in domestic consumption as well,” he said after a briefing on the 12th Malaysia Plan to the European chamber of commerce.

He said a full economic recovery would be difficult as long as international borders were closed, but Malaysia remained optimistic with a gross domestic product (GDP) growth projection of 5.5% to 6.5% in 2022.

“Of course, the borders are gradually opening with Singapore as it is an important partner for Malaysia. We hope it will progress well and we are also talking to Indonesia and Thailand as well,” he said.

In his keynote address to the chamber, Mustapa reiterated that Malaysia aspired to be a high-income country and have a better quality of life by 2025.

“So to be a high-income nation, next we need to create more high quality investment and provide quality human capital. We want to create a very comfortable environment for our friends from overseas,” he said. “We want to be sure that your stay here, experience here is hassle-free. We want to facilitate your investment.”

He said technical and vocational education was being transformed to be in a better position to cater for the needs of industries particularly manufacturing.