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MM2H and the RM13 billion contribution to the economy

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I am a supporter of MM2H programme and I think this brings not just the $$$ but also the branding of Malaysia as a super nice retirement destination. By the way, retirement meant that these successful MM2H applicants will spend their life savings here, most of it even if not all. If they are happy here, they tell their friends and we will be welcoming even more visitors because these potential applicants do not suddenly apply just because their friends tell them about us. It brings us to even more tourism earnings which is really helpful as Malaysia continue to diversify its economy from relying even lesser on oil revenue. By the way, MM2H programme alone has brought RM13 billion to the economy thus far.

Article in theedgemarkets.com Dr Chua Hak Bin of Maybank Kim Eng Holdings Ltd said measures such as the MM2H has made it easier for foreigners to earn long-term stay visas in Malaysia. He said Malaysia ranks well in retirement tourism. The MM2H and retirement villages are seeing strong foreign demand. He added that as of August 2017, 35,800 MM2H participants contributed about RM13bil to Malaysia’s economy. Chua pointed out that Penang comes highly recommended by the International Living Magazine, which ranked Malaysia among the world’s top five best countries to retire in.

Overall, Chua said Malaysia’s tourism industry has been rising in significance, contributing 14.9% to the country’s economy in 2017. Chua said Malaysia is also emerging as a medical tourism destination especially from Indonesia, Myanmar, Vietnam and China. While tourism infrastructure and infrastructure readiness remain a weak spot for many Asean countries Chua highlighted that Malaysia ranks among the highest in the region. Chua still thinks that the long-term prospects of the Chinese tourist segment is positive, even with the trade war and China’s economic slowdown. Article in theedgemarkets.com

I seriously urge the Ministry of Health and Ministry of Tourism to work hand in hand for Medical Tourism. That will not just earn more tourism dollars but will ensure even more requirements for doctors and nurses which is great for the employment market too. Encourage the private sector to build more hospitals. This will also help the construction industry as well and as usual, the property market will see lots more demand for accommodation or even demand for one. Let’s be savvy to the fact that these medical tourists are not the usual backpacker tourists yeah. We want all. The more the merrier. Happy following and may MM2H becomes even more successful in the future.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

<Featured Image is courtesy of Stock Photos from Zhukova Valentyna>

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