Latest news with #AbdulRasheed
The Sun
2 days ago
- Business
- The Sun
Malaysia's structural reforms key to economic resilience says BNM governor
KUALA LUMPUR: Malaysia's ongoing structural reforms to ensure long-term resilience are critical to defend the economy against global shocks, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said during an exclusive interview with Bernama. He said Malaysia's foresight enabled the country to weather these shocks, such as the ravaging COVID-19 pandemic five years ago and impending challenges brought on by the United States' imposition of tariffs. He said Malaysia's endeavour to push for social equity and fiscal sustainability has also reinforced the economy and elevated it to a position of strength. This includes preparing a future-ready workforce and enhancing social protection systems. Malaysia's foresight in undertaking financial and economic reforms over the decades has helped strengthen the nation's economic fundamentals, enabling the country to weather uncertainties. 'Where we are today, the position of strength that we have, our ability to weather the pandemic and tariff developments, comes from our previous structural reforms. That is why we need to really continue on this path,' he said. Abdul Rasheed emphasised that the government's commitment to reform, particularly through rebuilding fiscal space, is important for the government to support the economy effectively during challenging periods. He also commended the government's implementation of key national strategies, including the National Investment Aspirations (NIA), New Industrial Master Plan 2030 (NIMP), National Energy Transition Roadmap (NETR) and National Semiconductor Strategy (NSS), as initiatives which attracted quality investments and generated high-paying job opportunities. Key to this, he said, are policies to attract high-quality investments that increase economic complexity, create high-value jobs, extend domestic linkages, develop economic clusters and improve inclusivity, in line with the NIA. As evidence, Malaysia has recorded a historic high of approved investments amounting to RM378.5 billion in 2024, he said. 'We want high-quality investments that create high-quality jobs, high-income jobs and have strong domestic linkages. 'That also creates complexity in the economy. This is what Malaysia needs, and the plans have all these elements,' he said. He added that it is also important for Malaysia to embark on the next phase of reforms. Beyond creating new, higher-paying jobs, the central bank governor said Malaysia needs to create a more agile and future-ready workforce through labour market reforms, while enhancing the nation's social protection systems. 'The country is working hard to attract quality investments, which will in turn create high-quality and high-income jobs. Our workforce must be ready for this, and so will need to be re-skilled and up-skilled. 'The education system must evolve in tandem to better prepare Malaysians for an increasingly digital and knowledge-driven economy,' he said. On social security, Abdul Rasheed stressed the need to improve the design and targeting of assistance programmes to ensure inclusivity, maximise impact, and ensure that objectives are being met. He highlighted that funding for these education, healthcare, social protection and other initiatives can be further strengthened by channelling savings from fiscal consolidation efforts, including rationalising subsidies. He also said that the government remains committed to reforms, and at the same time, acknowledges the challenges faced by certain segments of the rakyat. These include facing ongoing cost-of-living pressure. He said that targeted rollout of measures, alongside supportive measures, can help ease the transition. On July 23, Prime Minister Datuk Seri Anwar Ibrahim announced a cost-of-living relief package, which includes a one-off RM100 SARA cash aid, a reduction in the RON95 fuel price, toll hike postponements and an expanded Rahmah Madani Sales allocation. - Bernama
Malay Mail
2 days ago
- Business
- Malay Mail
Structural reforms key to shielding Malaysia from future shocks, says Bank Negara governor
KUALA LUMPUR, July 30 — Malaysia's ongoing structural reforms to ensure long-term resilience are critical to defend the economy against global shocks, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said during an exclusive interview with Bernama. He said Malaysia's foresight enabled the country to weather these shocks, such as the ravaging Covid-19 pandemic five years ago and impending challenges brought on by the United States' imposition of tariffs. He said Malaysia's endeavour to push for social equity and fiscal sustainability has also reinforced the economy and elevated it to a position of strength. This includes preparing a future-ready workforce and enhancing social protection systems. Malaysia's foresight in undertaking financial and economic reforms over the decades has helped strengthen the nation's economic fundamentals, enabling the country to weather uncertainties. 'Where we are today, the position of strength that we have, our ability to weather the pandemic and tariff developments, comes from our previous structural reforms. That is why we need to really continue on this path,' he said. Abdul Rasheed emphasised that the government's commitment to reform, particularly through rebuilding fiscal space, is important for the government to support the economy effectively during challenging periods. He also commended the government's implementation of key national strategies, including the National Investment Aspirations (NIA), New Industrial Master Plan 2030 (NIMP), National Energy Transition Roadmap (NETR) and National Semiconductor Strategy (NSS), as initiatives which attracted quality investments and generated high-paying job opportunities. Key to this, he said, are policies to attract high-quality investments that increase economic complexity, create high-value jobs, extend domestic linkages, develop economic clusters and improve inclusivity, in line with the NIA. As evidence, Malaysia has recorded a historic high of approved investments amounting to RM378.5 billion in 2024, he said. 'We want high-quality investments that create high-quality jobs, high-income jobs and have strong domestic linkages. 'That also creates complexity in the economy. This is what Malaysia needs, and the plans have all these elements,' he said. He added that it is also important for Malaysia to embark on the next phase of reforms. Beyond creating new, higher-paying jobs, the central bank governor said Malaysia needs to create a more agile and future-ready workforce through labour market reforms, while enhancing the nation's social protection systems. 'The country is working hard to attract quality investments, which will in turn create high-quality and high-income jobs. Our workforce must be ready for this, and so will need to be re-skilled and up-skilled. 'The education system must evolve in tandem to better prepare Malaysians for an increasingly digital and knowledge-driven economy,' he said. On social security, Abdul Rasheed stressed the need to improve the design and targeting of assistance programmes to ensure inclusivity, maximise impact, and ensure that objectives are being met. He highlighted that funding for these education, healthcare, social protection and other initiatives can be further strengthened by channelling savings from fiscal consolidation efforts, including rationalising subsidies. He also said that the government remains committed to reforms, and at the same time, acknowledges the challenges faced by certain segments of the rakyat. These include facing ongoing cost-of-living pressure. He said that targeted rollout of measures, alongside supportive measures, can help ease the transition. On July 23, Prime Minister Datuk Seri Anwar Ibrahim announced a cost-of-living relief package, which includes a one-off RM100 SARA cash aid, a reduction in the RON95 fuel price, toll hike postponements and an expanded Rahmah Madani Sales allocation. — Bernama
New Straits Times
2 days ago
- Business
- New Straits Times
BNM Governor: Reforms crucial to shield Malaysia from global shocks
KUALA LUMPUR: Malaysia's ongoing structural reforms to ensure long-term resilience are critical to defend the economy against global shocks, Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour said. During an exclusive interview with Bernama, he said Malaysia's foresight enabled the country to weather these shocks, such as the ravaging COVID-19 pandemic five years ago and impending challenges brought on by the United States' imposition of tariffs. He said Malaysia's endeavour to push for social equity and fiscal sustainability has also reinforced the economy and elevated it to a position of strength. This includes preparing a future-ready workforce and enhancing social protection systems. Malaysia's foresight in undertaking financial and economic reforms over the decades has helped strengthen the nation's economic fundamentals, enabling the country to weather uncertainties. "Where we are today, the position of strength that we have, our ability to weather the pandemic and tariff developments, comes from our previous structural reforms. That is why we need to really continue on this path," he said. Abdul Rasheed emphasised that the government's commitment to reform, particularly through rebuilding fiscal space, is important for the government to support the economy effectively during challenging periods. He also commended the government's implementation of key national strategies, including the National Investment Aspirations (NIA), New Industrial Master Plan 2030 (NIMP), National Energy Transition Roadmap (NETR) and National Semiconductor Strategy (NSS), as initiatives which attracted quality investments and generated high-paying job opportunities. Key to this, he said, are policies to attract high-quality investments that increase economic complexity, create high-value jobs, extend domestic linkages, develop economic clusters and improve inclusivity, in line with the NIA. As evidence, Malaysia has recorded a historic high of approved investments amounting to RM378.5 billion in 2024, he said. "We want high-quality investments that create high-quality jobs, high-income jobs and have strong domestic linkages. "That also creates complexity in the economy. This is what Malaysia needs, and the plans have all these elements," he said. He added that it is also important for Malaysia to embark on the next phase of reforms. Beyond creating new, higher-paying jobs, the central bank governor said Malaysia needs to create a more agile and future-ready workforce through labour market reforms, while enhancing the nation's social protection systems. "The country is working hard to attract quality investments, which will in turn create high-quality and high-income jobs. Our workforce must be ready for this, and so will need to be re-skilled and up-skilled. "The education system must evolve in tandem to better prepare Malaysians for an increasingly digital and knowledge-driven economy," he said. On social security, Abdul Rasheed stressed the need to improve the design and targeting of assistance programmes to ensure inclusivity, maximise impact, and ensure that objectives are being met. He highlighted that funding for these education, healthcare, social protection and other initiatives can be further strengthened by channelling savings from fiscal consolidation efforts, including rationalising subsidies. He also said that the government remains committed to reforms, and at the same time, acknowledges the challenges faced by certain segments of the rakyat. These include facing ongoing cost-of-living pressure. He said that targeted rollout of measures, alongside supportive measures, can help ease the transition. On July 23, Prime Minister Datuk Seri Anwar Ibrahim announced a cost-of-living relief package, which includes a one-off RM100 SARA cash aid, a reduction in the RON95 fuel price, toll hike postponements and an expanded Rahmah Madani Sales allocation.
New Straits Times
2 days ago
- Business
- New Straits Times
Asean's position as regional economic powerhouse remains intact — BNM governor
KUALA LUMPUR: Asean's position as an emerging regional economic powerhouse remains intact, as does its commitment to deepen economic integration, such as in the area of finance, said Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour. He said efforts undertaken on economic integration include initiatives such as an interoperable payment infrastructure that aims to strengthen micro, small and medium enterprises (MSMEs). The central bank governor said there is a growing momentum toward economic mutual-reliance and deeper regional collaboration, and as a result, continuous progress in integration could be expected given the substantial room for growth in these areas. For instance, Abdul Rasheed cited the intra-Asean trade, which currently accounts for 22 per cent of the grouping's total trade volume and is far behind the European Union's approximately 50 per cent. Encouragingly, he highlighted that the region now has the infrastructure in place to make this ambition a reality. "One key enabler is the interoperable payment infrastructure," he told Bernama in an exclusive interview. Abdul Rasheed said innovations such as cross-border quick response (QR), or commonly known as QR payment systems, are revolutionising how businesses transact. "So, anyone from Malaysia can sell the product they manufacture, for example, in Thailand, and receive payment instantly," he said, adding that such capability was unheard of just a few years ago. In 2024, about 5.2 million cross-border QR payment transactions were recorded, a fourfold increase from the previous year, underscoring the value these services bring to users and merchants alike. "This is a game-changer, especially for MSMEs, which form the backbone of Asean's economy," he said. Abdul Rasheed said that while large corporations are equally important, empowering MSMEs to participate more fully will unlock massive untapped potential. According to reports, there are 70 million MSMEs in Asean, accounting for 97.2 per cent–99.9 per cent of total establishments in Asean member states. Where data is available, the micro enterprises often constitute the largest share of enterprises. Regionally, MSMEs contribute 85 per cent to employment, 44.80 per cent to GDP, and 18 per cent to national exports. Abdul Rasheed highlighted that economic and industrial diversity within Asean is a strength as well as an enabler when it comes to economic and financial integration. "Each Asean member country has their strengths. For example, countries like Malaysia and Vietnam are leaders in electronics and manufacturing, while Indonesia brings unique resources and market scale. Rather than competing, Asean members are finding ways to complement each other and build a complete regional ecosystem. "This realisation that we are stronger together has taken root. Instead of viewing each other as competitors, we are now focusing on creating a unified internal market. That shift in mindset is crucial," he said. The BNM governor said growing awareness of Asean's strategic importance on the global stage has not gone unnoticed by major world powers. He noted that with the US, China, and Europe increasingly engaging the region, Asean finds itself in a position of strength. "We are becoming a region the world can no longer ignore. That is why it's important we continue this momentum and deepen our integration, not just in trade but also in digital, financial, and logistical networks," he said. Abdul Rasheed also pointed out that what some initially perceived as challenges amid geopolitical competition, shifting supply chains, and global economic uncertainty have become catalysts for Asean unity. "What emerges is a region ready to lead. We now realise our collective potential and are coming together stronger than ever," he added. — BERNAMA
Barnama
2 days ago
- Business
- Barnama
ASEAN's Position As Regional Economic Powerhouse Remains Intact -- BNM Governor
BUSINESS By & Karina Imran KUALA LUMPUR, July 30 (Bernama) -- ASEAN's position as an emerging regional economic powerhouse remains intact, as does its commitment to deepen economic integration, such as in the area of finance, said Bank Negara Malaysia (BNM) Governor Datuk Seri Abdul Rasheed Ghaffour. He said efforts undertaken on economic integration include initiatives such as an interoperable payment infrastructure that aims to strengthen micro, small and medium enterprises (MSMEs). The central bank governor said there is a growing momentum toward economic mutual-reliance and deeper regional collaboration, and as a result, continuous progress in integration could be expected given the substantial room for growth in these areas. For instance, Abdul Rasheed cited the intra-ASEAN trade, which currently accounts for 22 per cent of the grouping's total trade volume and is far behind the European Union's approximately 50 per cent. Encouragingly, he highlighted that the region now has the infrastructure in place to make this ambition a reality. 'One key enabler is the interoperable payment infrastructure,' he told Bernama in an exclusive interview. Abdul Rasheed said innovations such as cross-border quick response (QR), or commonly known as QR payment systems, are revolutionising how businesses transact. 'So, anyone from Malaysia can sell the product they manufacture, for example, in Thailand, and receive payment instantly,' he said, adding that such capability was unheard of just a few years ago.
