Kuala lumpur: The government will assess the country's import needs, including capital goods, and formulate policies to reduce dependence on external ecosystems as Malaysia seeks to strengthen domestic industries and create greater value from trade and investment. Minister of Investment, Trade and Industry Datuk Seri Johari Abdul Ghani emphasized the importance of creating genuine value in Malaysia, developing home-grown technologies, and ensuring that rising trade and investment translate into better outcomes for Malaysians.
According to BERNAMA News Agency, last year marked a significant milestone for Malaysia as total trade surpassed RM3 trillion for the first time in the country's history. Exports increased by 6.5 percent to RM1.61 trillion, while imports rose by 6.2 percent to RM1.45 trillion, resulting in a trade surplus of RM151.8 billion. Johari highlighted Malaysia's long-standing aspiration to become a high-income nation, noting that the current threshold for a high-income economy set by the World Bank is a gross national income (GNI) per capita of US$14,375. Malaysia is currently about 16 percent away from this target, with a GNI per capita of US$12,380.
Johari stressed the need for Malaysia to move beyond a business-as-usual approach, advocating for strategic agility to adapt to changing circumstances, diversify partnerships, and make decisions that best safeguard long-term national interests. He also mentioned the need to review which products and capital goods should continue to be imported while expanding domestic production where local capabilities exist. He warned that relying solely on lower-cost imports could weaken domestic industrial capacity over time, highlighting the importance of developing policies that encourage local manufacturing and technological capabilities.
As an example, Johari cited Malaysia's iron and steel industry, which was once self-sufficient but has since declined due to the entry of larger foreign players producing similar products. He welcomed foreign investors but stressed that they should complement Malaysia's ecosystem by introducing products and technologies that do not yet exist in the country, thus reducing imports while allowing both foreign and local companies to grow.
At the same event, RHB Bank launched RHB Pay, Malaysia's first bank-owned unified online payment gateway, providing businesses with a single platform to accept digital payments and receive funds directly into their RHB accounts. The platform, built, owned, and operated entirely within RHB, offers bank-grade security, automated reconciliation, enhanced cash flow visibility, and faster access to funds. RHB Pay enables businesses to accept card payments, FPX, and DuitNow Pay through a single integration, with additional payment capabilities such as e-wallets, QR payments, direct debit, and auto debit expected in Phase Two, targeted for rollout in the fourth quarter of 2026. The platform is designed for mid-sized enterprises, commercial businesses, corporates, and government-related institutions seeking a streamlined and scalable payment acceptance solution.