The effort of the Malaysian government today is to build new economic power without going back to the old ways, said Prime Minister Datuk Seri Anwar Ibrahim today (March 8).
In moving forward, transparency and strict adherence to financial procedures make up good governance which are expressed through the six pillars of Budget Madani and the governments present initiatives to build the core society.
“As the nation progresses, those who are challenged need to be helped under the spirit of transparency, accountability and good governance under the objectives of reforms in terms of economic growth, justice, inclusivity and sustainability to accelerate economic recovery and strengthen Malaysia’s competitive landscape, said Anwar in his keynote address at Invest Malaysia 2023 (IMKL 2023) held in Kuala Lumpur today.
Anwar added the government adopts zero-tolerance approach towards misconduct and corruption, upholds highest ethical
In his address, Anwar announced that Bursa Malaysia and the London Stock Exchange Group (LSEG) will be rolling out a Centralised Sustainability Reporting platform next month.
The platform will enable companies, both public-listed companies as well as non-listed small and medium enterprises (SMEs), to calculate their carbon emissions impact. It will also help the companies to disclose standardised common environmental, social and governance (ESG) data in a way that conforms to established global standards.
“This platform has the potential to become a key enabler to Malaysia’s pivot to green and support our sustainable development while creating high-skilled jobs for our progress towards a high-income nation, he said.
Anwar said Malaysia is not only open but also accelerates the transition and transformation of industries and local players towards ESG adoption, even for SMEs.
For example, through the Ministry of International Trade and Industry (MITI), he said consultation and engagement with local and international stakeholders are ongoing to develop the National ESG framework for the manufacturing sector by 2024.
Malaysia is taking a leadership role in the low carbon journey, by bringing a platform to help companies measure, monitor, and drive reduction in carbon; he added.
With the growing need for companies to scale their businesses, he said the Securities Commission Malaysia (SC) together with Bursa Malaysia will introduce the LEAP Market Transfer Framework for companies to migrate from the LEAP Market to the ACE Market.
At the same time, he said Bursa Malaysia will introduce a new Recognised Approved Adviser Framework that will expand the pool of advisers for the ACE Market.
The New Investment Policy is a forward-looking framework to ensure we remain ready to cater to changes in the global economy and to spur investment in future growth sectors. In many ways, it guides, facilitates and helps implement reforms to strengthen the fundamentals of our investment ecosystem.
“We are open to innovation in emerging opportunities part of this is dealing with the review of Intellectual Property (IP) policies to address issues such as evergreening or artificial extensions of market exclusivity that exist in certain sectors, he said.
According to the Prime Minister, efforts are also underway to improve the government’s advisory services for local companies and entrepreneurs in their efforts in creating and exploiting IP.
“We are open to agile incentives this includes fiscal and non-fiscal incentives on a more sector-agnostic basis, to enable agility in catering to evolving technologies and global priorities; including projects that exist in the fields of renewable energy, digital economy, as well as research and development that cuts across sectors.
“We are open (and keen) to better meet the needs of companies and investors. I understand there are parties who are concerned with respect to the government’s announcement to study Capital Gains Tax on unlisted shares at a low rate, he added.
In this regard, Anwar said the government would ensure that tax will only be finalised upon extensive engagement with stakeholders, and will not be introduced on listed shares, while the disposal of unlisted shares for an approved initial public offering will also not be subject to the Capital Gains Tax.
IMKL saw some 1,000 local and foreign fund managers, with a combined AUM of USD10 trillion (approx. RM44 trillion) meeting in tha nation’s capital to exchange ideas in the day-long session. Four Ministers and the MOF Secretary General will discuss their respective Ministries’ masterplans in support of the Government’s plans to enhance Malaysia’s appeal as an investment hub
Bursa Malaysia Berhad and Maybank co-hosted the 21st instalment of Invest Malaysia today which is Malaysia’s largest annual capital market gathering. Themed “Reshaping Malaysia’s Narrative: Strengthening Resilience & Sustaining Growth”, IMKL 2023 will provide an in-depth look at the strategic approaches and measures introduced in the recent re-tabled Budget 2023, which will support Malaysia’s long-term efforts to achieve sustainable development and economic growth.
