His Majesty said this is to strengthen the country's competitiveness as a sustainable economy in line with current needs.
“The government also needs to provide attractive incentives and facilitate all matters through efficient governance and policies at the federal level.
"It should also familiarise itself with the conditions in every state as each state is different, especially in the property development sector,” His Majesty said while delivering the royal address in conjunction with the Opening Ceremony of the First Meeting of the Third Session of the 15th Parliament here today.
His Majesty said that improving the country's higher education system has resulted in producing many high-quality graduates, but the current job opportunities available are not in line with their qualifications.
“Therefore, the government needs to strive to attract high-quality investments so that the job opportunities created will offer appropriate income,” His Majesty said.
The King noted that Malaysia's economy grew 3.7 per cent in 2023 and remained sustainable, although economic growth and global trade performance were only at an average level.
His Majesty said the unemployment rate was at 3.3 per cent and the inflation rate at 2.5 per cent.
Approved investments in 2023 amounted to RM329.5 billion and created over 127,000 job opportunities, while RM1.43 trillion in exports were recorded, he said.
For 2024, the King said the country's Gross Domestic Product (GDP) is estimated to grow between four and five per cent, supported by steps and reforms announced in Budget 2024.
“As a medium-term measure, the MADANI Economy framework launched with the aim to empower the people is the government's commitment to stimulate and restructure economic activity and investments.
“In line with this, the government has also drafted the National Energy Transition Roadmap, the New Industrial Master Plan 2030, Mid-Term Review of the 12th Malaysia Plan and Budget 2024 to improve the people's living standards to a higher level based on universal values,” His Majesty added.
-- BERNAMA
