Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Budget 2021 will focus on revitalising the economy and protecting lives and livelihood, building on the current recovery momentum. According to Tengku Zafrul, the national budget is a timely opportunity for the government to consider and adopt more sustainable ways to grow the economy and build the country’s resilience.
“The pandemic remains a threat to our socio-economic recovery, development and future growth,” the finance minister said during his keynote address at the Malaysian Economic Summit 2020. “Moving forward, Malaysia will play to its strength and just as how digitalisation has been accelerated by the Covid-19 lockdowns, we will take this opportunity to move up the value chain.”
Tengku Zafrul further said that his ministry will be taking advantage of Malaysia’s strategic geographical location, prudent management of resources, excellent infrastructure, and leading reputation in key sectors, including Islamic finance and the halal economy.
“Budget 2021 will underline a combination of business-friendly policies, prudent fiscal management, and effective transformation tools to build the nation’s resilience against future economic shocks. This will put Malaysia in a better position to ride on the growth trajectory ahead,” Tengku Zafrul added.
The finance minister also said that the government’s focus is clear on continuing to support businesses, including small and medium enterprises and mid-tier companies in pandemic-impacted sectors. This is to ensure a stable and conducive environment for investments.
“We will also play our role in upgrading the gig economy, which is fast becoming an integral part of the nation’s growth, and to transform the traditional sectors, as well as to streamline the supply and demand in the job market,” Tengku Zafrul concluded.
(Source: The Star)