BUDGET 2023

Industry players would like measures and policies based on four key principles

03/12/2022 11:27 AM

KUALA LUMPUR, Dec 3 (Bernama) -- Industry players have called on the new Cabinet line-up to ensure that all the measures and policies implemented to aid the recovery and revival of businesses be based on four key policy principles of credibility, clarity, consistency and certainty. 

Federation of Malaysian Manufacturers (FMM) president Tan Sri Soh Thian Lai said that this could be carried out by making the measures and policies simple, transparent, reliable, easy to comply with, consistent and fair.

"The focus must be to ensure the highest level of integrity and efficient service delivery," he said, adding that FMM is hoping for continued industry engagement in order to steer Malaysia towards economic revival away from the COVID-19 pandemic and despite current global economic challenges. 

In particular, he said FMM hoped that Budget 2023, which is expected to be re-tabled in the very near future, would focus on improving the economic climate by increasing economic activities including trade and investment activities to generate revenue and create employment. 

FMM said the focus should also be to lower the cost of doing business; restore the confidence level of both foreign and domestic investors; and strengthen the capital market and to ensure the stability of the ringgit which is most critical at this juncture. 

"We also hope for the continued promotion of technical and vocational education and training (TVET) and science, technology, engineering, and mathematics (STEM) education to build a pool of highly skilled workforce to support manufacturing transformation," he said. 

Soh, who is also president of the National Chamber of Commerce and Industry of Malaysia (NCCIM) hoped the new cabinet line-up will develop new business friendly policies and offer new ideas to lead Malaysia towards stability and economic growth. 

On top of that, Soh said FMM and NCCIM pledges to work closely with the new Cabinet to eradicate corruption, battle the rising cost of living and revive the economy from the global headwinds. Both organisations also want the different industries to return to a competitive position in the global market and for Malaysia to continue to be a favoured investment destination. 

Meanwhile, Malaysian Employers Federation (MEF) president Datuk Dr Syed Hussain Syed Husman would like the new cabinet members to work be hardworking and to always feel for the rakyat, businesses and the nation. 

"It is important for the cabinet members to always listen and analyse the views and needs of the stakeholders and be sensitive to what all the stakeholders are saying.

"The ministers should always treat issues with urgency and be action-oriented. It is also important that the ministers have the necessary competency and experience in the field that they are appointed to," he said. 

Prime Minister Datuk Seri Anwar Ibrahim appointed two deputy prime ministers in his new Cabinet line-up of 27 ministers in the unity government, namely Barisan Nasional (BN) chairman Datuk Seri Dr Ahmad Zahid Hamidi and Parti Pesaka Bumiputera Bersatu (PBB) senior vice-president Datuk Seri Fadillah Yusof, who is representing Gabungan Parti Sarawak (GPS). 

The announcement of the Cabinet line-up in Putrajaya at about 8.20 pm on Friday was carried live on national television and social media platforms. 

Anwar, who was sworn in as the 10th Prime Minister before the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah on Nov 24, is also the Finance Minister. 

-- BERNAMA 

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