Malaysian money – ringgit in the black wallet

The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy.

Nordin said, “The first thing that it does is that it allows investors, both domestic and foreign, to know that there will be policy continuity. And what that means is there is not going to be any rapid switching of policies that could threaten investors – either the money that they have here or the ability for them to operate in this country or for them to repatriate funds, in some cases. This policy continuity is really the benchmark that the investors are looking for and you cannot guarantee that in a sense without political stability.

“So the fact that Datuk Seri Anwar Ibrahim’s administration now has a very clear mandate from the people that has been demonstrated in Parliament and of course the passing of the mini budget as well as other votes that took place in the last couple of days which demonstrated that. It will give the investors the confidence, it will also give the policy makers the confidence knowing that there is a very clear mandate for them to, in a sense, spend the political capital that has been created by this last election and this consolidation of power by Datuk Seri Anwar Ibrahim.

At the same time, it will give the government officials the knowledge to know that these are the political leaders that they are going to have to deal with for the next five years.” When asked about the impact of political instability to the economic landscape of Malaysia, Nordin who is also founder of the Crisis Management Centre said, “We have seen what instability looks like over the last few years. We have had political instability as well as external factors driving instability, which include the pandemic and regional conflicts. I think we understand very clearly what that means in terms of a lack of clear stable political leadership and for the threat to be continuous.

“The piece of the puzzle that was missing was that ability to think a little bit more long term than just the next few months or the next few years until the next elections. A longer runway will allow bigger changes and reforms that need to take place, to improve the economy and to allow Malaysia to compete with our regional neighbours. I think we will see in this in the next few years.”

The Malaysia Global Business Forum (MGBF) empowers stakeholders at the intersection of international and Malaysian business. Through government relations, business intelligence, advocacy, media engagement, market research, networking, advisory and business matching, MGBF delivers results for individuals, corporations, trade and business associations, as well as national and state governments. MGBF will continue to understand threats and explore opportunities with industry leaders and policy makers to ensure that Malaysia becomes a leader in the context of Asia. In 2023, MGBF will be focusing on seven areas, which includes Food Security, Energy Security, Cultural Industries, Critical Minerals, Digital Economy, Circular Economy, as well as Strategic Trade and Investment Linkages.