KUALA LUMPUR, 27 November 2019 – There are tremendous opportunities for investors to come back and continue to invest in Malaysia, says Aberdeen Standard Islamic Investments (Malaysia) Sdn Bhd CEO Gerald Ambrose.
“If there is a pickup in the renminbi, there will be a pickup in all ASEAN currencies, which will lead to an outperformance of ASEAN markets, and we haven’t seen that in a long time. So I feel quite optimistic that foreigners will feel they have missed out and will come back in,” he told reporters on the sidelines of the Market Outlook Conference 2020.
As multinational companies are currently reducing their investment exposure to China’s manufacturing sector and are moving to ASEAN, Ambrose believes that the best destination to redirect such investments to the aluminium, oil and gas, as well as IT industries within ASEAN would be Malaysia.
“The IT manufacturing sector in Malaysia, in particular, has some catching up to do, and the outlook is very bright,”
“Oil and gas, IT manufacturing sector, banking sector, would pick up in domestic demands, the insurance and takaful sector, are all attractive to me,” said Ambrose.
He added that the semiconductor industry has hit a floor in October, and demand for 5G and new technology for mobile phones will be strong next year.
He explained that the government needs to perform an economic stimulus in order to keep the fiscal position and increase the government revenue, while trying to stimulate the economy.