Country’s negative perception must be fixed fast

Minister Mustapa Mohamed says economy is not in a crisis situation but suffering from negative perception and sentiment that is a temporary phenomenon.

KOTA BHARU: The negative perception over the country’s current economic status must be corrected fast to overcome the confusion among the people, says International Trade and Industry Minister Mustapa Mohamed.

He said the government has decided that the economy was not in a crisis situation but suffering from negative perception and sentiment.

“For example, the perception that the country has been over dependent on crude oil is not true as 77 per cent of our exports are made up of manufactured goods.

“Our dependence on crude oil, palm oil and natural rubber only accounts for 23 per cent,” he told reporters here last night.

Mustapa also said there was a possibility that the negative perception could be related to politics but this was only a temporary phenomenon.

He reiterated that the Malaysian economy was resilient as evident from the RM113.5 billion investments approved by the Malaysian Investment Development Authority in the country for the first half of the year.

Domestic investors accounted for 81.1 per cent of the investments approved.

As for long-term investments, Mustafa was confident Malaysia would continue to flourish further.

“What is important now is to manage this negative perception as best as possible and improve on our dissemination process so that Malaysians understand the true situation,” he added.

– BERNAMA