MY Morning Wrap | Genting Malaysia's Subsidiary Makes Early Redemption of RM1.3 Billion in Medium Term Notes

Forbes magazine has reported that Prime Minister Datuk Seri Anwar Ibrahim's efforts to attract high-value sectors such as semiconductor fabrication and digital technology, expedite foreign direct investment approvals, and improve the ease of doing business have significant implications for Malaysia and the broader Asian region. The reforms aim to create a more innovation-driven economy by reducing reliance on low-skilled labour and enhancing overall productivity. The initiatives include measures to boost labour productivity through automation and increased spending on research and development. However, challenges persist, such as potential setbacks in retargeting petrol subsidies and high living costs linked to other recent subsidy cuts. Nonetheless, Malaysia's journey could set a precedent for other nations navigating similar post-pandemic recoveries and structural transformations, according to Benjamin Laker, a leadership professor at Henley Business School, University of Reading.

Prime Minister Datuk Seri Anwar Ibrahim has announced that the federal government's total expenditure for the state of Terengganu this year has increased to RM7.23 billion. The amount includes the management expenses of federal agencies and development projects in the state, exceeding the RM5.99 billion allocated in 2022. Anwar dismissed claims that the allocation for Terengganu had been reduced or that the state had been neglected by the federal government. He also commended the cooperation between the federal and state government in discussing priorities and emphasized the need to eliminate hardcore poverty among the people.