JOHOR BAHRU (Aug 17): Malaysia’s rapid economic growth in the second quarter of 2024 (2Q2024), at 5.9% and above expectations, reflected the confidence of foreign investors in the country's potential, said Economy Minister Mohd Rafizi Ramli.

He said this shows that the government’s policies and economic growth narratives had been well received. Therefore, Rafizi said the government needs to continue the growth momentum by intensifying its efforts to attract investors to maintain the international confidence and positive views of Malaysia.

"So what the government is focusing on now is to ensure that not only the narrative and policy are attractive for investment and growth, but also to translate that into [investment] immediately and to provide everything necessary. That needs to be done quickly and in an orderly manner.

"The [growth] momentum can [then] continue, and if this happens, we will continue to be seen as a good investment destination in the region and the world," he told reporters after the 'Ask Minister Anything with the Minister of Economy' session in conjunction with the Madani Rakyat South Zone 2024 programme at Dataran UTM here on Saturday.

He said this when commenting on the announcement on Friday of Malaysia's economic growth rate in the second quarter, which exceeded the initial forecast of 5.8%.

As one of the strategies to maintain the positive economic growth momentum, he said Prime Minister Datuk Seri Anwar Ibrahim will launch the Business Facilitation Framework, which touches on the efficiency of government services in facilitating business. Rafizi said his ministry took a year and is now in the final stage to complete the framework.

Anwar is expected to launch the framework on Oct 4.

Meanwhile, during the "Ask Minister Anything" session, Rafizi said Malaysia would be recognised as a global middle economic power if its wish to join BRICS, the intergovernmental organisation consisting of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates, is accepted.

The group of countries in BRICS includes prominent middle economic powers.

"I believe that if Malaysia is admitted to BRICS, it will not affect our international relations with other countries. This is because Malaysia is known as a country that practises neutral principles when dealing with global issues. When accepted, God willing, it is a recognition of their confidence in Malaysia as a middle economic power in the world. This will increase our economic capacity.

"Don't be confused. We want to join [BRICS] not because of politics, but because we want to establish good relations with all countries, including middle economic power countries like Russia, Brazil, India and others," he added.

https://www.theedgemarkets.com/node/723200