Budget 2022, 12MP to provide clearer view of govt's policy direction - Tengku Zafrul

He said both the 12MP and Budget 2022 would pave the way for socio-economic recovery, growth and restructuring in the short, medium and long term.

"The momentum of recovery is expected to continue next year, with Malaysia's 2022 Gross Domestic Product growth projected to be at six per cent by the International Monetary Fund and five per cent by the World Bank," he said in the 68th Inter-Agencies Economic Stimulus Implementation and Coordination Unit (LAKSANA) report released today.

Meanwhile, Tengku Zafrul said the government would continue to ensure the country's environment remained competitive and conducive to attract foreign investors through fiscal and non-fiscal incentives, as well as the provision of highly skilled local talent.

He said this while commenting on Porsche AG's decision to choose Malaysia as its first production base outside Europe in February this year.

"This choice reflects the international company's confidence in the country's conducive automotive ecosystem," he said.

The first Porsche assembly facility outside Europe will be set up in Kulim, Kedah, next year through a collaboration with Sime Darby Bhd.