Business-friendly environment vital for economic recovery, group says

LAUDING the 12th Malaysia Plan, the Federation of Malaysian Manufacturers (FMM) has urged the Government to “nourish” a business-friendly environment by reducing red tape in the bureaucracy and cut costs.

“The Government should look into creating a level playing field to facilitate fair and open competition, with greater access to market opportunities.

“Hence, priority should be given to support and promote the expansion of the manufacturing and manufacturing related services sectors.

“Given the situation we are in, these measures will enable us to reap higher returns to revive the economy, enhance business sustainability, protect job security and more promote medium and long-term growth,” its president Tan Sri Soh Thian Lai said, in a statement.

Soh Thian Lai

Yesterday, Prime Minister Datuk Seri Ismail Sabri Yaakob announced the 12th Malaysia Plan, which was focused on turning Malaysia into a high-income country by 2025.

“With that, we project to keep our annual growth rate between 4.5% and 5.5%, starting this year until 2025.

“By 2025, Malaysian per capita income would touch the RM10,000 mark,” he said, when presenting the plan at the Dewan Rakyat.

Elaborating on the five-year plan, Soh said he was impressed on several measures contained in the economic roadmap which would boost the private sector, particularly the manufacturing area.

“Improving the Technical and Vocational Education and Training (TVET) ecosystem to produce the future-ready talent which would be instrumental to the technology, digital and manufacturing transformation that is already accelerating.

“We laud the development of a centralised platform for TVET supply and demand data, and the establishment of a more flexible higher education system to enhance collaboration with industry to improve the quality of graduates and meet industry needs,” he stated.

FTAs a plus point

Soh also praised the Government for its measures to strengthen international trade by scouting for new markets.

“This is where ratification of free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) will come in handy. It will improve efficiency of trade facilitation and enhance competitiveness of key export industries,” he noted.

While in support of the Government’s move to boost small and medium enterprises (SME), Soh said that priority must be given to locally-made products and services for all the infrastructure and development projects outlined in the Malaysia Plan.

“And we support for green growth drivers such as embracing circular economy and adoption of integrated water resources management.

“This will help industries move towards more sustainable manufacturing practices and adoption of the environmental, social, and governance (ESG) principles,” he remarked. – Sept 28, 2021.

Pic credit: Bloomberg

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