MIDA-MIER BUDGET INSIGHTS FORUM - A NEW ERA OF COLLABORATION AND  GROWTH 

KUALA LUMPUR, Dec 3 (Bernama) -- Malaysia's premier investment promotion agency, the Malaysian Investment Development Authority (MIDA), joined forces with the economic think tank, the Malaysian Institute of Economic Research (MIER) to co-host the Budget Insights Forum: Moving Towards 2025, a half-day event that brought together business leaders, investors, and policymakers to discuss Malaysia's economic outlook heading into its 2025 ASEAN Chairmanship.

The event held at MIDA Sentral saw CEOs, investors, and policy leaders engage in open and dynamic discussions about Malaysia's economic future. The distinguished line-up of moderators and panellists, comprising industry thought leaders and economic experts, delivered insightful presentations and impactful discussions that provided a comprehensive 360-degree view of Malaysia's economic landscape, offering attendees a unique perspective on the country's prospects and opportunities for growth.

Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, emphasised the importance of today’s forum, stating, "Hosting the inaugural MIDA-MIER Budget Insights Forum is an exciting milestone for us. This platform unites key thought leaders to delve into pressing macroeconomic and industrial trends that will shape Malaysia's future. As we set our sights on 2025, the insights shared here today are more critical than ever. They spotlight the need for strategic foresight in a world of constant change – perfectly aligning with MIDA’s mission to cultivate a resilient and innovative business ecosystem. I am confident the ideas and conversations we spark here today will help businesses and policymakers tackle challenges head-on while uncovering exciting new opportunities for long-term success." 

Dr. Anthony Dass, Executive Director of MIER, highlighted that the MIDA-MIER Budget Insights forum set a new standard for economic cooperation in Malaysia, marking a crucial milestone in the country’s efforts to achieve more inclusive and sustainable growth. “By fostering a culture of collaboration and open dialogue between the public and private sectors, the event became a driving force for Malaysia’s economic progress. With a distinguished lineup of industry leaders and economic experts, the forum offered valuable insights and practical recommendations that will help shape Malaysia’s economic strategy and pave the way for a prosperous future in 2025 and beyond.”  

The first panel session, "Macroeconomic Overview and Implications," featured an in-depth analysis of global economic dynamics where experts examined the potential impact of the U.S. Presidential Election, Malaysia's upcoming ASEAN Chairmanship, and evolving USA China relations. The session highlighted Malaysia's strategic position within ASEAN and its growing influence in the BRICS economic sphere.  

Professor Dr. Yeah Kim Leng, the Director of the Economics Studies Programme, Sunway University highlighted, “The US tariff threats not just against China but other nations as well are expected to intensify when President-elect Donald Trump takes office in January 2025. As evidenced by the surge in FDI inflows, Malaysia has gained from the China Plus One strategy adopted by global multinational companies in response to the escalation of US-China trade disputes during Trump's first term and continued through the Biden administration. With Trump's threats of higher tariffs made during his campaign speeches, Malaysia will need to prepare for a more uncertain and turbulent global trade environment in the coming years. Besides derisking its supply chains, Malaysia could leverage on free trade agreements such as the Regional Comprehensive Economic Partnerships (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to mitigate any adverse impact on its economy should a new round of US-China trade war materialise” 

The second panel session, "Industrial Growth and Investment," focused on practical strategies for business development and economic resilience. Key topics included supply chain optimisation, talent development initiatives, and sustainable business practices. Particular emphasis was placed on Malaysia's digital economy transformation and innovation ecosystem. 

Mr. Jacob Lee Chor Kok, the Vice President of the Federation of Malaysian Manufacturers (FMM) cited, “The Malaysian manufacturing sector has demonstrated resilience in the first half of 2024, maintaining stability amid global challenges. Looking ahead, the sector is poised for continued growth, driven by a recovering global economy and supportive domestic policies. Manufacturers are strategically expanding operations to meet rising demand while prudently managing costs and workforce expansion. This balanced approach positions the sector for sustainable growth and innovation.”  

This forum set a new benchmark for economic cooperation in Malaysia, paving the way for a more inclusive and sustainable growth trajectory by fostering a culture of collaboration and dialogue between the public and private sectors.  

Associated image(s) can be downloaded via this link: 
https://drive.google.com/drive/folders/1LC9fBCpb1nBpBdRs5svoU7FMsU1zgdq1

About MIDA 

MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.   

About MIER 

The Malaysian Institute of Economic Research (MIER) is an independent, non-profit organization established to conduct economic, financial, and business research, serving as a think-tank for both government and private sectors in Malaysia. Originating from discussions within the Prime Minister’s Economic Panel and subsequently promoted by the Council on Malaysian Invisible Trade (COMIT), MIER was formally incorporated as a company limited by guarantee on 30 December 1985, commencing operations on 2 January 1986. Governed by a Board of Trustees, MIER sets its strategic directions with guidance from an Advisory Panel, overseeing research planning. For more information, please visit www.mier.org.my.  

SOURCE: Malaysian Investment Development Authority (MIDA)

FOR MORE INFORMATION, PLEASE CONTACT:
MIDA 
Name: Ms. Surayu Susah
Director, Strategic Planning & Policy Advocacy (Manufacturing) Division
Tel: +603-2267 6773
Email: awangku@mida.gov.my

MIER
Name: Isnani Binti Ismail 
Information Officer
Tel: +603-2142 5897
Email: adr.dass@mier.org.my

--BERNAMA