Malaysia Should Continue To Build Confidence Among Foreign Investors

KUALA LUMPUR, March 23 (Bernama) -- Malaysia should continue to build foreign investor confidence in order to attract capital inflows and capitalise on the economic upturn, Deputy Finance Minister Johari Abdul Ghani said. He said the economy was boosted as positive sentiments among foreign investors picked up, resulting in capital inflows on the back of strong fundamentals and rising oil prices. The oil price had fallen to US$30 per barrel when the recalibrated 2016 Budget was presented recently, but today it rose to US$40 per barrel, he said, adding that this was a positive sign for investors. Speaking to reporters at the Global Islamic Finance Awards appreciation luncheon here Wednesday, he said Malaysians should avoid too much politics in order to sustain its long-term economic growth. Earlier in his speech, Johari said Malaysia must continue to strengthen its position as a premier Islamic finance hub and continue the momentum of introducing innovative Islamic products and services. He said while the government would ensure that the economy continue to grow as well as remain resilient and competitive, financial planners should also upgrade themselves and think of innovative ways to promote financial planning. "This will well-position the economy and financial planners to benefit from the upturn in economic conditions," he said, adding that the products would vary, depending on the institutions. "Banking will have different products and services as well as the insurance and unit trust sectors. "At the end of the day, these systems are not detached from the global financial system. They are actually together except for the different principles of the financial system that we are engaged in," he said. --BERNAMA