Malaysian economy remains competitive, open for business - Muhyiddin

It is important for Malaysia to tell the world that the country's economy remains competitive and open for business, said Prime Minister Tan Sri Muhyiddin Yassin.

He said although the COVID-19 pandemic is changing the way the global economy and Malaysia operate, such positive perceptions need to be communicated to the world.

“Malaysia is currently ranked 12th in the world in business and third place in Asia Pacific.

"In this regard, the PENJANA (National Economic Recovery Plan) will announce several investment packages and programs, tax exemption incentives and inclusive financing facilities," he said in his special address on the Short-Term Economic Recovery Plan (ERP) here on Friday.

He said in an effort to drive the country's economic recovery through the process of digitalizing business, the government would set up a RM1.2 billion National Generator Fund.

“The allocation of RM600 million from the government will be matched with RM600 million from domestic and international investors.

“The fund will be used to foster innovation and develop domestic venture capital talent.

"Among the international investors interested in participating are SK Group, Hanwha Asset Management, KB Investment Co Ltd, Provident Growth, 500 Startups and The Hive," he said.

He added that in order to complement the digitalization efforts, the government would allocate RM100 million to set up the National Technology and Innovation Sandbox.

"It will be spearheaded by the Ministry of Science, Technology and Innovation by providing flexibility toa set of rules to test new technologies.

"For example, testing the delivery of online purchases through drones and the use of self-driving vehicles," he said.