Speaking at a forum in Kuala Lumpur tonight, Anwar explained that Malaysia’s policy clarity, political stability and institutional coordination provide it with a competitive position in the regional investment landscape.
“There is clear economic resilience… (With Malaysia) being an attractive (destination) for investment, we can chart a programme that prepares the economy for growth,” he said, reported Bernama.
“We can sustain this sort of position in the region due to the strong coordination between key institutions, including the central bank and the Treasury, as well as proper economic management.”
Investment banking group JP Morgan last week identified Malaysia and China as among the more resilient economies in Asia amid rising global energy market volatility caused by the ongoing conflict in the Middle East.
Anwar stressed that continued structural reforms are essential to reinforcing Malaysia’s economic fundamentals and global competitiveness.
“We have to reform and rebuild the foundations necessary for the economy… that means taking brave decisions, even if they are not popular,” he said while moderating a forum at Bank Negara Malaysia (BNM).
The forum featured a panel comprising finance minister II Amir Hamzah Azizan, BNM governor Abdul Rasheed Ghaffour, and World Bank lead economist for Malaysia Apurva Sanghi.
Last week, the head of JP Morgan Asia, Rajiv Batra, told CNBC that aside from China and Malaysia, most regional economies remained vulnerable to energy-related shocks.
He said Malaysia’s resilience was supported by its position as a net energy exporter and its disciplined policy framework, which helped cushion external pressures.
World Bank highlights 3 key areas for Malaysia
Apurva identified three key areas for Malaysia to focus on to strengthen its long-term economic position, stressing that the government should “seize some of the opportunities” from the Middle East war.
He urged Malaysia to accelerate a smart energy transition. He said efforts should go beyond electric vehicles and include renewable energy and energy storage, warning that otherwise, the shift would only be “from oil to electricity”.
Apurva also said Malaysia has the potential to become a regional tourism hub, but this would require stronger infrastructure, improved connectivity and clearer positioning.
He added that Malaysia should position itself to attract capital flows and develop its wealth management sector, which would require strengthening the financial infrastructure.
Apurva said these three areas represent long-term opportunities Malaysia could build on, even as the country focused on managing the short-term impacts of global uncertainty.