PUTRAJAYA: To remain competitive in global trade, Malaysia will needs new initiatives that can boost the marketability of local products, says Datuk Seri Ismail Sabri Yaakob.

       The Prime Minister said for this purpose, the International Trade and Industry Ministry was now drafting the National Investment Aspirations (NIA).

       "The aim is to further attract strategic investments that will yield high economic impact value," he said at the Industry Excellence Award ceremony on Tuesday night (Nov 2).

       In April, the Cabinet approved the NIA, a forward-looking growth framework that will form the basis for comprehensive reforms for Malaysia's investment policies.

       Ismail Sabri reiterated the government's commitment to ensure the success of economic recovery efforts, noting the private sector is the main contributor towards economic development and providing employment opportunities.

       The government, he said, had prepared eight stimulus packages amounting to RM530bil to reduce the pandemic's impact on the economy.

       "From the facilities extended and proactive approaches introduced through economic recovery plans, the World Bank has projected Malaysia's Gross Domestic Product (GDP) for 2022 to be 5.8% compared to the initial estimation of 4.2%," he said.

       The recently-launched 12th Malaysia Plan was drafted to be aligned with efforts to strengthen the economy, environmental sustainability and social re-engineering to ensure the country continues to experience inclusive socio-economic development.

       Congratulating the companies who were recipients of the award, the Prime Minister said the corporations had shown strength, tenacity and determination to grow despite challenges brought about by the Covid-19 pandemic.

       "I am confident that a lot can be learnt and be used as an example from these successful companies, especially in the aspect of management and business models," he added.

       The Prime Minister Award goes to Johor Port Berhad.