Malaysia wants to diversify its energy and supply chain, says PM

Malaysia's premier announced on Thursday that the country wants to optimize its location this year and become a conduit of diversification in energy and supply chains. It also hopes to become a leading player in the semiconductor industry and Islamic Finance.

Anwar Ibrahim, the Prime Minister of Malaysia, said that Malaysia's economy had rebounded last year with a influx in strategic investments.

Malaysia is quickly becoming a haven for investors in Southeast Asia. Its stable currency and improving economic growth set it apart from its peers who are struggling with political instability and economic uncertainty.

He said that in 2025 they would double down on their geographical centrality as a conduit to diversify the supply chain, the talent pool, and electricity. The inflation rate and ringgit had been stable, and the stock exchange had done well.

Malaysia has received digital investments worth millions of dollars from large tech companies, including Alphabet, last year. This helped to boost its economy, with the growth exceeding market expectations during the second and third quarterly quarters, and the ringgit ranking among Asia's best performers by 2024.

Anwar said last year that Malaysia would target at least 500 billion Ringgit ($107 billion), in order to invest in its semiconductor industry. The country is looking to establish itself as a global center. (Reporting and editing by Danial Azhar)

(source: Reuters)