News Release - 30 July 2024

UOB Malaysia, CIMB and J.P. Morgan co-host investor engagement session for Government of Malaysia in Singapore

Singapore, 30 July 2024 – The Government of Malaysia undertook an investor engagement in Singapore on 26 July 2024, jointly supported by UOB Malaysia, CIMB and J.P. Morgan.

Titled, “Highlights for Growth,” the event was held at UOB’s headquarters, UOB Plaza 1 Singapore, and featured insightful presentations and discussions led by YB Senator Datuk Seri Amir Hamzah Azizan, Minister of Finance II, Malaysia, and Dato’ Seri Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia.

The primary objectives of the session were to strengthen investor perception and sentiment towards Malaysia, and to provide comprehensive insights into the government’s growth strategies, economic outlook, and fiscal reforms.

Over 100 participants, including financial investors and capital market players attended the session which also delved into the implementation of the MADANI Economic Framework, providing investors with detailed explanations on the progress of key government policies and Malaysia's overall economic strategy.

The primary objectives of the session were to strengthen investor perception and sentiment towards Malaysia, and to provide comprehensive insights into the government’s growth strategies, economic outlook, and fiscal reforms.

Commenting on the roadshow, YB Senator Datuk Seri Amir said, “The MADANI Economic framework will restructure the economy and raise Malaysia’s growth within the next 10 years. It aims to strengthen fiscal sustainability through more transparent and resilient fiscal management, attract quality investments particularly in new growth areas, advance green growth to support the transition to a low carbon economy, and build a prosperous, inclusive society through more targeted policies. A positive outlook from analysts and rating agencies supported by encouraging economic figures shows Malaysia is making great strides to reclaim its Asian Tiger status.”

Ms. Ng Wei Wei, CEO of UOB Malaysia, said, “We are honoured to host this investor engagement session at our headquarters in Singapore to showcase Malaysia’s attractiveness as an investment destination, particularly for portfolio investors. Based on the UOB Business Outlook Study 2024¹, Malaysia is the top country that businesses in ASEAN and Greater China want to venture into in the next three years. UOB will continue to play a meaningful role in facilitating investments into the country as part of our commitment to support the nation’s economic advancement.”

Mr Chu Kok Wei, Co-Chief Executive Officer, Group Wholesale Banking, CIMB Group, said: “We are pleased to be part of this engagement, elevating Malaysia as an attractive investment destination with strong prospects. The session is a pivotal opportunity to advance robust economic relations with all stakeholders and promote collaborations between all parties to align towards shared objectives and mutual benefits. Engagements such as this not only strengthen existing partnerships but also pave the way for effective strategies and sustainable economic growth for Malaysia.”

Ms Hooi Ching Wong, Chief Executive Officer of J.P. Morgan Chase Bank Berhad, said: "We see Malaysia as a bright spot amidst tight global financial conditions. Policy reforms, data center investment and infrastructure build-out have become key tailwinds for Malaysia. With a combination of resilient GDP growth and a sizable current account surplus, the country can offset global headwinds and exceed global GDP growth this year. We're grateful for the opportunity to help promote this initiative and express our ongoing support for Malaysia’s efforts to further boost growth and the economy.”

¹The UOB Business Outlook Study 2024 (SMEs & Large Enterprises) surveyed more than 4,000 businesses in seven key markets across the ASEAN and Greater China regions in April 2024.