Tan Sri Azman Hashim
President
MASSA 

Global growth for 2024 is projected to be between 2.6 – 3.2% this year according to forecasts by IMF and World Bank, while Asia’s economic growth is predicted to be 4.5% this year, making the Asian region a growth centre of the world. Positive factors including moderating inflation, resilient labour markets, improvements in global trade activity, technology upcycle and tourism recovery may be challenged by the headwinds of geopolitical tensions and uncertainties in the global interest rates.

Malaysia is experiencing robust economic growth. The first half of the year had seen the Malaysian economy grow by 5.0%, with 1Q2024 growth of 4.2% and 2Q2024 surging to 5.9% exceeding estimates. This was supported by robust growth from the construction sector, increased household spending, private investment growth, tourist arrivals, improved net exports and resilience in the labour market.

With the strong performance in the first half, the Malaysian economy in 2024 is expected to be grow within the range of 4-5% driven by domestic expenditure supported by expansion in the labour market and policy, and bolstered by increasing tourism arrivals, strong investment activities & exports benefitting from the spillover effects of the abovementioned global trends.

The Economy MADANI framework policies for economic structural reform include the (i) New Industrial Master Plan (NIMP 2030) which is aimed at increasing the value-add of manufacturing, the (ii) National Energy Transition Roadmap (NETR) outlines energy transition levers, some of which include energy efficiency, renewable energy, hydrogen, bioenergy, and green mobility amongst others, and the (iii) National Semiconductor Strategy (NSS) fast tracking Malaysia to become a global semiconductor hub. The Government of Malaysia aims to enhance fiscal sustainability, attract quality investments, advance green growth and build a prosperous and inclusive society through these and more targeted policies.

MASSA held its 33rd Annual General Meeting on a hybrid basis on 24 June 2024. MASSA will continue its focus on the South-South and direct some of its activities towards highlighting the business opportunities arising from these reform initiatives of the Government. MASSA has expanded its mandate to also be a platform for the promotion and facilitation of inbound partnerships into Malaysia with our South-South partners.

I would like to thank the Office Bearers and Executive Committee Members who continue to serve the Association for the current term till 2025. I appreciate the continuing support of all Members with your involvement at our regular meetings, events and webinars. I also wish to thank article and feature contributors from across the MASSA network, who have provided valuable and insightful articles for our newsletters and not forgetting the sponsors of our website.

Finally, on behalf of my colleagues in Malaysia South-South Association (MASSA), I wish to express our heartfelt condolences to Toh Puan Helen Chen & family on the recent passing of YABhg Tun Michael Chen Wing Sum.

Tun Michael Chen, was a Founding Member of MASSA and served as Vice President on the Executive Committee of MASSA, as well as Deputy Chairman of the Malaysian South-South Corporation Berhad (MASSCORP) since its inception in 1992. He played an instrumental role in spearheading MASSCORP’s business investments into S.R. Vietnam culminating in a very successful business of developing and managing an industrial zone, as well as a housing project in Danang city. He left an indelible mark as Chairman of MASSDA Land Company Limited (Vietnam). His vast insights navigating the government and policy space in the developing countries and his business acumen in the challenging markets of these emerging countries will be greatly missed.

Thank you.

Tan Sri Azman Hashim
President
19 August 2024