‘Malaysia has potential to become a high-income nation by 2030’

KUALA LUMPUR: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the recent report by the Asean+3 Macroeconomic Research Office (Amro) on Malaysia’s growth underscores its potential to become a high-income nation by 2030, driven by significant foreign direct invest (FDI) inflows.

KUALA LUMPUR: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the recent report by the Asean+3 Macroeconomic Research Office on Malaysia ’s growth underscores its potential to become a high-income nation by 2030, driven by significant foreign direct invest inflows.

"Efforts are also ongoing to boost the semiconductor ecosystem, through the New Industrial Master Plan 2030, which includes attracting wafer fabs and advancing packaging, assembly, and testing capacities, to reinforce Malaysia's global industry position," he said in a reply to a posting on X here today.

According to Amro, Malaysia's gross domestic product is expected to grow by five per cent this year 2024, outpacing Asean’s average of 4.8 per cent.Amro also said economic growth in the regional bloc is expected to improve, premised on higher exports on the back of the semiconductor upcycle, continued strength in the US goods consumption and robust demand for travel and services.

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