Budget 2023 reflects government's responsibility to counter global economic challenges

KUALA LUMPUR: The 2023 Budget, tabled yesterday by Prime Minister Datuk Seri Anwar Ibrahim, reflected the government's principle of responsibility in the wake of the current global economic challenges which are laden with uncertainties.

Iskandar Investment Berhad (IIB) president and chief executive officer Datuk Idzham Mohd Hashim said the budget allocation was an upward revision from the RM372.3 billion budget tabled by the previous government in October 2022.

Idzham said the 2023 Budget bodes well for the company as it strives towards business goals focusing on core business units, namely Property Development, Property Investment, Education and Ecosystem Building.

"One of the initiatives mentioned is Invest Malaysia Council and the National Committee on Investment that will lead efforts to accelerate the approval of high-potential projects.

"This will stimulate investment in the technology and high-impact sector which is in line with the New Investment Policy,," he said in a press statement.

Idzham added that Iskandar Puteri will continue to capitalise on the government's strategy to strengthen Iskandar Malaysia's development.

"This is done through the establishment of a special economic zone with competitive incentive packages to attract international investors.

"As part of our efforts to promote the development of the Iskandar Malaysia economic region, Iskandar Puteri has been positioned as a major investment destination by creating and attracting value-added investments to encompass more emerging markets in Johor.

"With the need for digitalisation, IIB has catalysed a sustainable business ecosystem in Iskandar Puteri by making Medini Iskandar a suitable location for the innovation and technology community to thrive.

In addition, he said, IIB lauded the unity government for continuing its efforts to promote good governance, transparency, integrity, and efficiency, particularly in government procurement.

"The Government's strategies and initiatives for the year are comprehensive in propelling the nation's economic growth," he said.

He said that apprenticeship opportunities provided will allow international cooperation with foreign multinational companies.

"The Government is giving focus on talent development as a pull factor for foreign investors to invest and operate in Malaysia.

"This is in line with IIB's aspiration to drive up the levels of a skilled workforce in Johor State," he said.

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