Malaysia's premier investment promotion agency, the  Malaysian Investment Development Authority (MIDA), joined forces with the economic think tank, the Malaysian Institute of Economic Research (MIER) to co-host the Budget Insights  Forum: Moving Towards 2025, a half-day event that brought together business leaders,  investors, and policymakers to discuss Malaysia's economic outlook heading into its 2025  ASEAN Chairmanship. 

The event held at MIDA Sentral saw CEOs, investors, and policy leaders engage in open and  dynamic discussions about Malaysia's economic future. The distinguished line-up of  moderators and panellists, comprising industry thought leaders and economic experts,  delivered insightful presentations and impactful discussions that provided a comprehensive  360-degree view of Malaysia's economic landscape, offering attendees a unique perspective  on the country's prospects and opportunities for growth. 

Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, emphasised the importance of  today’s forum, stating, "Hosting the inaugural MIDA-MIER Budget Insights Forum is an  exciting milestone for us. This platform unites key thought leaders to delve into pressing macroeconomic and industrial trends that will shape Malaysia's future. As we set our sights  on 2025, the insights shared here today are more critical than ever. They spotlight the need  for strategic foresight in a world of constant change – perfectly aligning with MIDA’s mission to cultivate a resilient and innovative business ecosystem. I am confident the ideas and  conversations we spark here today will help businesses and policymakers tackle challenges  head-on while uncovering exciting new opportunities for long-term success." 

Dr. Anthony Dass, Executive Director of MIER, highlighted that the MIDA-MIER Budget  Insights forum set a new standard for economic cooperation in Malaysia, marking a crucial  milestone in the country’s efforts to achieve more inclusive and sustainable growth. “By  fostering a culture of collaboration and open dialogue between the public and private sectors,  the event became a driving force for Malaysia’s economic progress. With a distinguished  lineup of industry leaders and economic experts, the forum offered valuable insights and  practical recommendations that will help shape Malaysia’s economic strategy and pave the  way for a prosperous future in 2025 and beyond.” 

The first panel session, "Macroeconomic Overview and Implications," featured an in-depth  analysis of global economic dynamics where experts examined the potential impact of the  U.S. Presidential Election, Malaysia's upcoming ASEAN Chairmanship, and evolving USA China relations. The session highlighted Malaysia's strategic position within ASEAN and its  growing influence in the BRICS economic sphere.

Professor Dr. Yeah Kim Leng, the Director of the Economics Studies Programme, Sunway  University highlighted, “The US tariff threats not just against China but other nations as well  are expected to intensify when President-elect Donald Trump takes office in January 2025. As  evidenced by the surge in FDI inflows, Malaysia has gained from the China Plus One strategy  adopted by global multinational companies in response to the escalation of US-China trade  disputes during Trump's first term and continued through the Biden administration. With  Trump's threats of higher tariffs made during his campaign speeches, Malaysia will need to  prepare for a more uncertain and turbulent global trade environment in the coming years.  Besides derisking its supply chains, Malaysia could leverage on free trade agreements such  as the Regional Comprehensive Economic Partnerships (RCEP) and the Comprehensive and  Progressive Agreement for Trans-Pacific Partnership (CPTPP) to mitigate any adverse impact  on its economy should a new round of US-China trade war materialise”  

The second panel session, "Industrial Growth and Investment," focused on practical  strategies for business development and economic resilience. Key topics included supply  chain optimisation, talent development initiatives, and sustainable business practices.  Particular emphasis was placed on Malaysia's digital economy transformation and innovation  ecosystem. 

Mr. Jacob Lee Chor Kok, the Vice President of the Federation of Malaysian Manufacturers (FMM) cited, “The Malaysian manufacturing sector has demonstrated resilience in the first half  of 2024, maintaining stability amid global challenges. Looking ahead, the sector is poised for  continued growth, driven by a recovering global economy and supportive domestic policies.  Manufacturers are strategically expanding operations to meet rising demand while prudently  managing costs and workforce expansion. This balanced approach positions the sector for  sustainable growth and innovation.” 

This forum set a new benchmark for economic cooperation in Malaysia, paving the way for a  more inclusive and sustainable growth trajectory by fostering a culture of collaboration and  dialogue between the public and private sectors. 

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