Investor confidence in Malaysia’s economy continues to rise with private investments in the country expected to reach 30% of the country’s total next year.
Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said the percentage at present was 22%.
“The momentum is building up. So, I will not be surprised if its higher next year,” he told reporters after officiating at the National Economic Outlook Conference 2013-2014 here.
Earlier, in his speech, Nor Mohamed said private investments which grew marginally by 2.5% from 2005 to 2009, registered double-digit growth of 15.5% in 2010 and 12.2% in 2011.
The investment grew on an annualised basis of 22.2% in the first half of this year, he added.
Meanwhile, Nor Mohamed also said a strong future growth performance would depend critically on the economy’s ability to sustain improvements in technological dynamism and successfully transit towards internal sources of demands.
He said this, in turn, requires the Government to continue supporting growth driven by the total productivity factor through improvements and advances in technology, growth skills and entrepreneurship.
He also noted that for the economy to thrive, Malaysia needed to be globally competitive, create, attract and retain talent, restructure the supply chain, have a better education system as well as a more innovative environment.
Organised by the Malaysian Institute of Economic Research, the two-day conference is a platform for economists, policy makers and industry captains to exchange views and seek solutions on near-term prospects for the global and regional economies.
It will also focus on providing the latest information on economic trends and forecast on Malaysia for the next two years.