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12MP targets achievable via govt, business sector collaboration — FMM

FMM In The News: THE EDGE MARKETS, Kuala Lumpur, Tuesday, September 28, 2021 - The Federation of Malaysian Manufacturers (FMM) believes that the 12th Malaysia Plan’s (12MP) targets and aspirations can be achieved through close collaborations and consultations between the government and the business sector, especially the manufacturing sector.

Its president Tan Sri Soh Thian Lai said the 12MP's catalytic policy enablers can ensure that Malaysia would be able to achieve the targeted annual economic growth of 4.5% to 5.5% and support the manufacturing sector, which is projected to achieve an average growth of 5.7% over the period.

The four catalytic policy enablers are namely developing future talent, accelerating technology adoption and innovation, enhancing connectivity and transport infrastructure, as well as strengthening public service.

"The FMM strongly believes that as the main catalyst of growth with extensive upstream and downstream linkages throughout the value chain, the manufacturing sector can contribute significantly towards helping to achieve the strategies of productivity, investments, moving up the value chain and strengthening exports," said Soh in a statement on Tuesday.

Hence, the FMM called on the government to continue to support the sector by ensuring a business-friendly operating and investment environment through the reduction of unnecessary regulatory burdens and costs, as well as a more level playing field to facilitate fair and open competition.

"The priority should be to support and promote the expansion of the manufacturing and manufacturing-related services sectors to enable the reaping of higher returns to revive the economy, enhance business sustainability, ensure job security and for medium- and long-term growth," he said. 

Soh said the FMM looks forward to close and regular engagement with the government on the relevant programmes and initiatives under the strategic priority areas, enablers and game changers.

He said the FMM is glad to note that the government had emphasised initiatives to support the private sector, including the manufacturing sector, such as catalysing strategic and high-impact industries, which will be able to attract high-quality investments and expand the export base and participation in the global value chain.

Existing incentives will also be reviewed to focus on investments based on advanced technologies and meet aspects of environmental sustainability, he said.

Soh also noted that international trade will be strengthened by identifying new markets and products, enhancing the competitiveness of key export industries as well as encouraging trade cooperation through the ratification of new free trade agreements (FTAs), such as the Regional Comprehensive Economic Partnership (RCEP).

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