LATEST NEWS   Mandatory EPF contributions for foreign workers, at two per cent each for workers and employers - Steven Sim | SPB Development Bhd has secured SC approval for a listing on Main Market of Bursa Malaysia in 2Q this year | 

ACCCIM Urges Govt to Provide Export Credit Scheme, Lower Import Duties

KUALA LUMPUR, Feb 3 (Bernama) -- The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has urged the government to provide an export credit scheme and lower import duties on raw materials to support businesses, particularly micro, small, and medium enterprises.

Such pragmatic policies are crucial to help businesses navigate the potential impacts of new trade policies implemented by major economies, said ACCCIM president Datuk Ng Yih Pyng.

“Businesses want clarity and consistency in public policies. It is vital to maintain pro-business policies that are pragmatic and progressive, fostering a secure and conducive environment for investors and businesses to thrive,” he said during the association's Chinese New Year reception today.

Ng also said that the government should support SMEs more in exploring new export markets and diversifying their supply chains.

“Malaysia’s signing of the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates can serve as a conduit to build more trade partners in the Middle East.

“Malaysia’s resumption of negotiations for the Malaysia-European Union Free Trade Agreement (MEUFTA) will strengthen economic ties with the European Union,” he noted.

The association also hopes the implementation of economic reforms and measures should be done gradually to avoid disruption to the market and businesses.

Of particular concern are electricity tariff hikes and the proposed mandatory Employees Provident Fund (EPF) contribution rate on foreign workers.

Ng emphasised that ACCCIM remains positive about Malaysia’s investment prospects and will play a key role in fostering economic cooperation, promoting business collaboration and networking between Malaysians and foreign businesses.

“There is a sense of cautious optimism for this year’s economic outlook and business conditions.

“The preliminary findings of the ACCCIM Survey show that over 30 per cent of respondents anticipate better economic and business prospects for 2025, higher than below 20 per cent for 2024,” he said.

-- BERNAMA