Retail Segment Growth Mirrors Investors Continued Confidence Of Malaysia - Finance Minister

GEORGE TOWN (Penang, Malaysia), March 14 (Bernama) -- The growth of the retail segment in Malaysia’s economy is a recognition of the business community’s confidence of its potentials, Finance Minister Lim Guan Eng said on Thursday. He said the healthy growth of approved foreign direct investments (FDIs) showed the continued confidence of investors in Malaysia. The bullish outlook has also led to growth in the retail segment and stronger private consumption. “Part of the factors contributing to the strong private consumption growth is the government’s success in controlling inflation and moderating the increase in living costs,” he said at the official opening of the country’s fourth IKEA outlet at Batu Kawan (in Malaysia’s northern state Penang), about 40km from here Thursday. The ceremony was officiated by the Penang chief minister Chow Kon Yeow. “Take IKEA as an example. The Swedish home furnishing retailer’s continued expansion within our country is a testament that Malaysia remains one of the preferred investment destinations in the world,” Lim added. Meanwhile, Chow in his speech said the presence of IKEA in Batu Kawan would be a major catalyst in Penang in its aspiration to develop it into a modern and intelligent township. “It will not only attract millions of shoppers but will also bring hundreds of new jobs, create spin-off business for suppliers, draw in tourists and new investors,” he said. He said the quest to develop Batu Kawan had started in 2013 with automotive giant, Honda was the first to set up their operation there. “The Batu Kawan Industrial Park had since grown more vibrant with names such as Boston Scientific, HP, Broadcom, Western Digital, Micron, and homegrown tech companies such as ViTrox, Inari, Qdos, UWC, Pentmaster and many more,” he added. -- BERNAMA