HSBC: New policies, institutional reforms needed to catalyse Malaysia’s economic growth

As Malaysia emerges from the aftermath of the COVID-19 pandemic, a different set of policies as well as institutional reforms will be required to improve economic growth in the future, said HSBC Bank Malaysia Bhd. Chief executive officer Stuart Milne said Malaysia is a trade-dependent economy and is at its best when it is open, hence the Government needs to create favourable conditions for trade and investment. “For the upcoming budget, we would like to see the government optimising the development budget to build the ecosystem and administration essential to attract more foreign direct investments (FDI) into preferred sectors such as infrastructure and technology. “Importantly, this will be critical for the creation of jobs in the country, develop the country’s talent pool, and also spur the growth of Malaysia as a regional investment hub in specialised fields,” he told Bernama. He noted that banks such as HSBC are uniquely positioned to partner with clients as they look to establish and grow their presence both into and within Malaysia and to help build stronger and more connected trade and investment flows.