US TARIFF ANNOUNCEMENT OPENS UP OPPORTUNITY FOR STRATEGIC OVERHAUL TO BOLSTER MALAYSIAN ECONOMY -- PM ANWAR

KUALA LUMPUR, April 18 (Bernama) -- The United States’ (US) tariff announcement has presented Malaysia an opportunity to carry out a strategic overhaul to further strengthen the national economy, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the Finance Minister, said that if Malaysia wants to become a developed nation within the MADANI framework, the country must make a quantum leap, and there will be challenges to overcome such as political and social tensions.

Describing the current global economic situation as a “gale of creative destruction”, he said the country needs to find a new way to continue moving forward.

“What is in the best interest of the country (is) not just responding to the immediate challenges, which is also important, but (we) must stay the course. 

“Focus on the right investments, (overcoming) inequality as well as innovation,” he said during the fifth series of the Malaysia Madani Scholars Forum organised by the Higher Education Ministry, which was streamed via Facebook Live tonight.

The Prime Minister said the US tariffs have also spurred the European Union (EU) to expedite trade negotiations with ASEAN.

“The tariffs have prompted the EU to come to us to speed up the (negotiation) process for a free trade agreement (FTA),” he added.

Anwar also said an overdependency on established traditional markets is not healthy anymore.

“(Therefore, for) ASEAN, we are no longer emphasising traditional notions such as ASEAN centrality and peacefulness, but instead we emphasise ASEAN intra-trade, investment, and comparative advantages,” he said.

The forum was on “The role of government-linked investment companies in transforming corporations: Balancing profit and social responsibility to create an innovative nation.”

It featured panelists comprising Khazanah Nasional Bhd managing director Datuk Amirul Feisal Wan Zahir, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, and Malaysia Airports Holdings Bhd non-executive chairman and economist Dr Nungsari Ahmad Radhi.

-- BERNAMA