The Asean-Six economies, comprising Malaysia, Singapore, Thailand, Indonesia, Philippines and Vietnam, are expected to grow at 4.2% in 2023, outpacing the projected global GDP growth of 2.0%. Dato’ Khairussaleh Ramli, Maybank Group President and CEO stated that the growth projected by its research team, showed that ASEAN’s strength is in its diversity, celebrating a melting pot of culture whilst navigating differences in terms of political, economic and social systems, and its resilience.
Following the success of the investment mission to London Tech Week (LTW) 2023, Communications and Digital Minister, YB Fahmi Fadzil mentioned that he is confident Malaysia will reach a Golden Digital Decade rendering Malaysia the Digital Tiger of Asia. Through LTW, many benefits from the aspects of the digital economy including innovation and new technologies such as AI, data management, cybersecurity as well as investment opportunities for companies in Malaysia were obtained from Europe through the UK.
Communications and Digital Minister, YB Fahmi Fadzil stated that the confidence of investors in Malaysia is growing, which will serve as a catalyst for more investments into the country in the near future. This confidence was conveyed to him by investors during their meeting at the recently concluded London Tech Week (LTW) 2023. The investment mission to LTW 2023 saw Malaysia securing investment commitments worth RM8.3 billion in various digital technology sectors through MDEC. He added that Malaysia has left a positive impression on the investors, as they feel the country’s direction, political stability and ability to become a focal point for investments.
According to Deputy Communications and Digital Minister YB Teo Nie Ching, Malaysia is actively encouraging investments in emerging technologies such as fintech, e-commerce, and digital health. She stated that the country had established regulatory sandboxes to foster innovation and provide a safe space for testing new ideas. In her keynote address titled "Technology Driving Change" at the recent Mobile World Congress (MWC) Shanghai 2023, she added that the government has also introduced various incentive programmes and grants to support tech start-ups and attract foreign direct investment.
FDI in the Philippines posted a double-digit decline in March as investors factored in concerns over slower economic growth prospects across the globe, according to the Bangko Sentral ng Pilipinas, the central bank of the Philippines. FDI net inflows stood at $548 million in March, 30.7% lower than $792 million the same month last year and lower than $1.047 billion in February. The central bank stated that the decline resulted from lower net inflows from all major FDI components amid investor concerns over subdued global growth prospects.
