Green investments needed to make MY a green destination hub, says PM Anwar

The implementation of a more effective, organised and systemic energy transition and green investment is "very necessary" to raise the image, reputation and attractiveness of Malaysia, says prime minister Anwar Ibrahim.

This is in line with the focus to make Malaysia a major regional green investment destination and hub, he added. 

The prime minister chaired the National Investment Council Meeting yesterday (15 July), where strategic plans to increase green investments were touched upon.

Don't miss: Malaysia drops 7 places in World Competitiveness Ranking

The meeting also assessed and agreed on an action plan to improve the country's competitive position. 

According to Anwar, this effort is expected to boost the country's position in the Institute for Management Development's (IMD) World Competitiveness Index Report. 

He added that the Madani Government is very optimistic and believes that Malaysia is capable of improving its competitive position and achieving sustainable economic growth for the well-being of its people. 

In addition, Anwar, who is also the finance minister, said that the effort plays a crucial role in achieving Malaysia's net zero carbon emission target by 2050, as outlined in the National Energy Transition Roadmap (NETR) and the New Industrial Master Plan 2030 (NIMP 2030). 

Earlier in June, it was reported that Malaysia dropped seven places in the IMD World Competitiveness Ranking. It currently sits a number 34 out of the 67 countries included in the dataset.

It also dropped four places in the Asia Pacific group ranking coming in at number 10 out of 14 countries included.

The IMD World Competitiveness Ranking was created to provide actionable data analysis on economies, regions and sub-regions, according to how they optimise their individual competencies, using statistics and survey data. It ranks countries in categories of economic performance, government efficiency, business efficiency and infrastructure.

Malaysia has declined in most categories since last year except for infrastructure, where it has retained its 35th position.

Its strongest rankings include second in prices and 11th tax policy.

Some challenges Malaysia faced, based off data provided by the Malaysia Productivity Corporation (MPC), include difficulties in investing in R&D to boost business resilience, as well as optimising the labour market to maximise workforce productivity. This is reflected in Malaysia’s lowest ranking in productivity and efficiency, ranking 53 out of 67 countries.

Photo courtesy Anwar Ibrahim, Facebook

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