Market Confidence In Malaysia Remains Strong Amid COVID-19 Pandemic - Finance Minister

KUALA LUMPUR, Sept 22 (Bernama) -- While the world grapples with COVID-19, market confidence in Malaysia remains strong, particularly from foreign investors, based on investments of US$5.58 billion (RM23.1 billion) in the bond market up till August, said Finance Minister Tengku Zafrul Abdul Aziz. (US$1 = RM4.13) He said the ringgit (Malaysia’s currency) had also emerged as one of the strongest currencies in Southeast Asia, driven by the government's ongoing initiatives in managing COVID-19. Tengku Zafrul said investor confidence could also be seen through the recent launch of Bandar Malaysia that had the potential to have a multiplier effect on various sectors of the country's economy. "Bandar Malaysia is the largest single urban development project in Southeast Asia with a gross development value of RM140 billion. "In addition, initiatives by the Northern Corridor Implementation Authority (NCIA) are also targeting to increase the economy of the Northern Corridor Economic Region (NCER) by RM300 billion through the initiatives outlined in the newly launched NCER Strategic Development Plan (SDP) 2021-2025," he said in a statement Tuesday. The statement was issued in conjunction with the 22nd report by the Economic Stimulus Implementation and Coordination Unit Between National Agencies (LAKSANA) on the implementation of the Prihatin Rakyat Economic Stimulus Package (PRIHATIN or an enhancement to the Economic Stimulus Package) and National Economic Recovery Plan (PENJANA, another initiative by the government to restore the country's economy). -- BERNAMA