Political stability makes the country’s economy improve, said Zahid

NIBONG TEBAL: The government is confident that the country’s economy will improve, following the inflow of foreign direct investment (FDI) recorded in the first quarter of 2024 showing a positive development.

Berita Harian reports, Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi said, although Malaysia ranks 34th out of 67 countries in the Global Competitiveness Ranking (WCR) 2024, it can be achieved through political stability under the Prime Minister. Datuk Seri Anwar Ibrahim.

“We see in terms of FDI, it has increased in the first quarter of 2024 and of course the investors see that number one, in terms of political stability, while the second is in terms of the ability to approve a project application, especially to operate factories in industrial areas.

“And, the third is about the reliability or confidence (of foreign investors) in the current government,” he said when asked to comment on Malaysia’s position being ranked 34th out of 67 countries in the Global Competitiveness Ranking (WCR) 2024 and fourth in among countries in ASEAN after Singapore, Thailand and Indonesia.

Commenting further, Ahmad Zahid said that further explanations regarding the issue will be provided by relevant ministries including the Ministry of Investment, Trade and Industry (MITI) and the Ministry of Finance and the Ministry of Economy.

“Further clarification on this will be given when trade missions are carried out in official visits conducted by ministers, MITI ministers, economic ministers and also ministers related to economic matters.

“It includes trade missions made by chief ministers and also senior ministers and I am sure it will improve after this,” he said.

In a recent report, Malaysia ranked 34th out of 67 countries in the WCR 2024, falling seven places from last year’s ranking of 27th.

The WCR report issued by IMD places Malaysia in fourth place among ASEAN countries after Singapore, Thailand and Indonesia.