1. 65,000 new posts approved to meet needs of government agencies
  2. WB: Conducive business environment continues to propel Malaysia’s banking industry
  3. Malaysia remains attractive destination for foreign talent
  4. Investments in Melaka up substantially to RM22.5 billion in last 4 1/4 years

65,000 new posts approved to meet needs of government agencies
The government has approved 65,000 new posts in the public service this year in line with the evolution of National Transformation 2050 (TN50). The Chief Secretary to the Government, Tan Sri Dr Ali Hamsa said the additional posts were made at the urgent requests of several departments which needed more staff in their organisations. “These included the Royal Malaysia Police (PDRM), Fire and Rescue Department, and Education. He refuted claims that the government was downsizing the civil service in the country.

WB: Conducive business environment continues to propel Malaysia’s banking industry
The World Bank said Malaysia’s banking industry is poised to continue charting a bright future due to the conducive business environment provided by the government. The World Bank’s upward revision of its growth forecast for Malaysia’s gross domestic product (GDP) in 2018 to 5.4 per cent from 5.2 per cent previously due to the continued strength in private consumption, was a supportive factor to be reckoned with. It said the anticipated decline in public investment would see gross fixed capital formation driven mainly by expansion of private sector capital expenditure, to be sustained by the continued flow of infrastructure projects alongside capital investments in the manufacturing and services sectors. The improved economic outlook has, no doubt, injected confidence into the market, resulting in a stable loan growth outlook for the banking industry this year. The overall banking industry is anticipated to record a four to five per cent loan growth for 2018, thanks to the initiatives by the government, particularly a spate of holistic programmes outlined under the 2018 Budget.

Malaysia remains attractive destination for foreign talent
Malaysia is seen as an attractive location in attracting foreign talent as the government’s aim of achieving high-income status is well-publicised, along with its foreigner-friendly policies. According to mobility solutions provider ECA International Associate Director for Asia, Mark Harrison, Malaysia was on par with others in the region in terms of policies implemented to attract foreign skilled labour and the government had taken proactive steps to help see it through. “Malaysia is part of the ASEAN Economic Community, which aims to facilitate the easier movement of people within the community, amongst other goals.” “Our Labour Law team notes that changes will happen over the next few years as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comes into place,” he told Bernama. Harrison said government policies and labour laws may need to be updated to reflect the terms of the CPTPP and be brought in line with other countries in the partnership. He pointed out that Malaysia’s policies could make a difference in attracting and retaining employees, particularly as other countries such as Singapore had tightened immigration requirements. Policies such as the ‘Malaysia My Second Home’ and Resident Pass is certainly a positive step, but attracting and retaining foreign talent also depends, on the type Malaysia wishes to recruit, said Harrison.

Investments in Melaka up substantially to RM22.5 billion in last 4 1/4 years
Melaka managed to chalk up investments to the tune of RM22.5 billion in just the last four-and-a-half years. Melaka Chief Minister Datuk Seri Idris Haron said this was a superlative performance from the RM13 billion investments recorded in the five years prior to that. Investment-friendly policies which led to an influx of foreign direct as well as domestic investments led Melaka to climb to the fourth top destination in the country from 11th previously, he said today. “Never before in the state’s history have we notched up such a huge sum of investments,” he said in an interview, the excerpts of which were released in a statement today. The single largest investment was made by Edra Power which poured in RM4.5 billion to build a gas turbined power plant with a capacity of 1,500 megawatts, employing 1,200 workers jobs through the period of construction.