Greater Kuala Lumpur, The Regional Headquarters Location For Multinational Companies In Asia

Malaysian Budget 2019: Malaysia set to rise again as the 'Tiger of Asia'

KUALA LUMPUR: Malaysia will rise again as the 'Tiger of Asia' through the government's fiscal and institutional reforms which are geared towards improving transparency and accountability in the country's administration.

Finance Minister Lim Guan Eng said the structural changes would transform Malaysia into a rule-based democracy and ensure its sustainable growth in the capital market and the financial sector.

"The government will present the Fiscal Responsibility Act by 2021 to prevent uncontrolled expenditures that create huge debt.

"For the next three years, the government will work to reduce the fiscal deficit to 3.4 per cent next year, three per cent by 2020 and 2.8 per cent by 2021," he said.

He presented the 2019 Budget with the theme ‘Credible Malaysia, Dynamic Economy, Prosperous Rakyat’ in Parliament today.

The 2019 Budget tabled by Finance Minister Lim Guan Eng will spur foreign direct investment (FDI) and support Kuala Lumpur’s proposition as a business, innovation and talent hub for large multinational corporations, says InvestKL Chief Executive Officer Datuk Zainal Amanshah.

He said the appointment of Lim and International Trade and Industry Minister Datuk Darell Leiking to spearhead the ease of doing business committee is a strong statement to investors that Malaysia is serious and open for business.
"It is also timely as these ministers have led many local and global engagements with multinational companies and established investor confidence since taking office,” he said.
He said the streamlining of the hub to make it more attractive for investors and Khazanah Nasional Bhd’s commitment to developing 32.37 hectares of land in Subang as a global aerospace hub would further accentuate Greater Kuala Lumpur’s regional hub proposition.

Zainal said the allocation of RM210 million for the years 2019-2021 to encourage the transition to Industry 4.0 shows the importance the government puts on innovation and moving Malaysia’s industry up the value chain.

“This will enhance the local ecosystem and reinforce Kuala Lumpur’s status as an innovation city,” he said.

Meanwhile, Bursa Malaysia in another statement today said the 2019 Budget fortifies Malaysia’s strong fundamentals.

Chief Executive Officer Datuk Seri Tajuddin Atan said the budget highlights efforts to implement institutional reforms and instil greater fiscal discipline while promoting the development of new economic ideas.