World Economy

Malaysia Economy on Firm Footing

Malaysia Economy on Firm FootingMalaysia Economy on Firm Footing

Malaysia’s economy remains on a firm footing with the country’s economy projected to grow by 4 to 4.5% in 2016, Prime Minister Najib Razak assured German business leaders.

The economy expanded by 4% in the second quarter of this year following a 4.2% growth in the first quarter of the year, Bernama reported.

He said since 2009, Gross National Income had increased by nearly 50% and 1.8 million jobs had been created.

“Because our fundamentals are strong, Malaysia continues to attract considerable foreign direct investments, and in fact, this year is looking particularly good for us,” he told a dialogue session in Berlin Tuesday.

Having established strong ties with Germany’s multinational companies, Malaysia is now keen to also attract the country’s mid-sized manufacturers, the prime minister said.

Studies show that no other country has as many mid-sized global market leaders as Germany, which has a population of about 80.6 million and is the world’s fourth largest economy.

Malaysia’s small and medium enterprises can therefore learn much from German mid-sized companies, he said.

Among the companies that participated in the dialogue were Atotech, AWS Schafer, BMW, Daimler, Osram, Volkswagen, Infineon, Bombardier Transportation, Ensinger, B. Braun, Green Sugar and Biesterfeld International.

Najib, who is also finance minister, is on a three-day official visit to Germany on the invitation of its Chancellor Angela Merkel.  Najib said last year, Malaysia approved a total of $8.4 billion in foreign direct investments.

“I am pleased to be able to say that in the first half of this year, approved FDIs reached 83.3% of the total foreign investments approved for the whole of last year.

“We expect the figures to increase even more towards the end of 2016,” he added.