Govt Efforts To Enhance Malaysia's Diverse Economy A Success -- Amir Hamzah

KUALA LUMPUR, Nov 11 (Bernama) -- The government's efforts to enhance the country’s economic diversity are successful, considering the performance of the competitive economic sectors projected for the third quarter (3Q) of this year, said Finance Minister II and acting Economy Minister Datuk Seri Amir Hamzah Azizan. 

Amir Hamzah said all economic sectors appeared robust in 3Q based on the initial economic growth projection of 5.2 per cent for the overall gross domestic product (GDP) released by the Department of Statistics Malaysia (DOSM). 

He said that the initial projections indicated competitive economic growth amid a challenging global economic environment, with the construction sector, for example, projected to grow by 11 per cent, private consumption by more than five per cent, and mining by more than 10 per cent.

“Our country’s economy is still resilient, taking into account the diverse economic segments that we have. 

“Our markets are also diversified and we are not dependent on just one market,” he said at a press conference to launch the third season of the Innovathon Programme organised by the Ministry of Economy and the Minister of Science, Technology and Innovation (MOSTI) today.

Amir Hamzah said the government’s efforts have also been successful in attracting foreign investors to the country, based on the total approved investments of RM384 billion last year and nearly RM190 billion for the period from January to June this year.

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“Foreign investors are confident that the (economic) model that we have is a good model,  and we also see approved investments in the high-growth, high-value (HGHV) segment,” he said.

Earlier in his launching speech, Amir Hamzah said the Innovathon programme received a higher number of participants, a 100 per cent increase to 2,032 in 2025, compared to 1,003 in 2024. 

He said that the Ministry of Economy has increased the total prize value for the programme’s Business Development Support Fund from RM1 million to RM1.65 million.

“A total of 56 local innovators will compete for the grand prize of RM100,000 in cash, along with a Business Development Support Fund of RM500,000. 

“In this third season, the innovations presented focus on technology-based innovations for daily use, such as in the automotive, industrial and health equipment fields,” he said.

-- BERNAMA