Malaysia To Fortify Position As Centre Of Competitive Trade, Finance And Technology -- PM Anwar

KUALA LUMPUR, March 14 (Bernama) -- Malaysia will fortify its position as a centre of competitive trade, finance, and technology amid global changes, says Prime Minister Datuk Seri Anwar Ibrahim.

In a commentary piece titled “The Global South’s Path to Economic Resilience” published on the Project Syndicate website, he said that while Daron Acemoglu, Simon Johnson, and James A. Robinson’s Nobel Prize-winning work on institutions and governance highlighted systemic inequalities, the country must avoid oversimplifying the complexities of global power dynamics. 

“The challenges we face today come not just from historical colonisers but also from diverse global actors, including corporations, individuals, and non-state entities that often show little regard for laws and norms,” said Anwar, who is also the Finance Minister.

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He reiterated that Malaysia would also maintain its open and pragmatic relationships with both the United States (US) and China, which are based on mutual respect and shared interests. 

“If the Sino-American rivalry evolves into a zero-sum game, there will be no winners. Thus, maintaining robust relationships with both powers is not merely a matter of economic pragmatism. It is a strategic imperative for safeguarding our national interests and ensuring prosperity in an increasingly volatile world. 

“By cultivating a balanced and constructive relationship with China and the US, Malaysia aims to develop a diversified economic base, reducing overdependence on any single country or bloc, and cementing its position as a resilient, open, and competitive economy,” said Anwar.

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He said the commitment to inclusion and sustainability lies at the heart of Malaysia’s development agenda, enabling the nation to withstand the relentless pressures of global competition and the sometimes-uncompromising demands of the world’s most powerful countries.

Anwar highlighted the MADANI Economy Framework introduced in 2023, which has the twin objectives of “raising the ceiling” through sustained economic growth and “raising the floor” by ensuring that prosperity is shared by all. 

“Genuine inclusion, where prosperity is not an exclusive privilege but a collective right, is the surest form of societal resilience,” he said.

The MADANI government’s efforts are already bearing fruit, the Prime Minister continued, pointing out that the country registered strong economic performance in 2024 with gross domestic product increasing by more than five per cent, inflation remaining stable below two per cent, and record-high trade figures. 

“The international community has taken notice. Owing to our mature institutions and favourable investment climate, our manufacturing and services sectors attracted nearly US$85 billion in foreign investment, from both East and West, in 2024.

“But we cannot be complacent. In an increasingly volatile world, stability depends on adaptability. In this respect, Malaysia’s deepening commitment to the semiconductor industry reflects its forward-looking vision,” Anwar said. 

With the launch of the National Semiconductor Strategy, Malaysia aims to strengthen its position in the global semiconductor supply chain, he said. 

“Already the world’s sixth-largest exporter of semiconductors,we are determined to move up the value chain, focusing on front-end activities. In the coming weeks, we will unveil our second chip-design park – less than a year after launching the first,” said the Prime Minister.

Furthermore, Anwar said, Malaysia is at the forefront of driving innovation within ASEAN, championing data centres and artificial intelligence and exploring the potential of cryptocurrencies and digital assets. 

Project Syndicate is an international nonprofit media organisation that published and syndicates commentary and analysis on a variety of global topics by world’s leading thinkers, policymakers and civic activists.

-- BERNAMA