KUALA LUMPUR, Feb 22 ― Tan Sri Muhyiddin Yassin today said that there is a need to form a consultative committee with various agencies and the private sector in order to attract more investors into the country.

He said the National Recovery Council (NRC) ― which he chairs ― has reviewed proposals by the British Malaysian Chamber of Commerce (BMCC) on ways to overcome investment challenges as well as human capital in the recovery of the nation.

"The proposals by BMCC on the development, recruitment and retention of talent in attracting more investment into the country are in principle supported by NRC as it can help to enhance competitiveness in the country as well as promote cooperation between private-public sectors.

"In this regard, it is necessary that this proposal be refined in a coordinated manner by a consultative committee with the involvement of various agencies and related private parties,” he said after chairing the NRC meeting today.

On Malaysia’s Economic Outlook 2022, Muhyiddin said that a survey on consumer sentiment from the Malaysia Institute of Economic Research (MIER) shows dissatisfaction as household finances have not fully recovered, inflation is on the rise and the job market is only moderate in the first quarter of 2022.

He added that business sentiment for the same period was better with total production, exports, and domestic demand increasing.

"In this regard, the NRC emphasises on addressing the impact of inflation and rising costs of goods on the quality of life of the people,” he said.