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FMM, Samenta want reforms, support for businesses and quick setting up of cabinet

FMM In The News: NEW STRAITS TIMES, KUALA LUMPUR, Thursday, November 24, 2022 - The Federation of Malaysian Manufacturers (FMM) said it looks forward to the "expeditious formation" of the Cabinet by Prime Minister Datuk Seri Anwar Ibrahim.

This is to ensure that all necessary measures and policies are put in place quickly, including Budget 2023, to drive the economy and "help the rakyat in this challenging period," it said in a statement.

President Tan Sri Soh Thian Lai said "FMM looks forward to the continued support and emphasis on competitive and sustainable value creation and economic growth through manufacturing activities which has been the pillar of economic growth, especially during the pandemic period."

"A business-friendly regulatory environment would ensure the ease of doing business and keep industries competitive and sustainable, and to continue growing.

"This can only be achieved if policies and regulations are simple, more transparent, reliable, easy to comply, consistent and fair," he said in the same statement immediately after Anwar was sworn in as the 10th Prime Minister.

Moving forward, Soh said it is important for the government to strengthen economic fundamentals, including lowering the cost of doing business which is a major obstacle to business recovery.

"Fundamental to the business community is the need to restore the confidence level of both foreign and domestic investors by focusing on the right policies, strengthening the capital market, and ensuring the stability of the ringgit," he added.

"Institutional reforms are also key to economic recovery with a continued focus on government administration efficiency and ensuring the highest level of integrity.

"It is also crucial to improve the wellbeing of the people by focusing on enhancing their purchasing power and lowering the cost of living," he said.

The Small and Medium Enterprises Association (SAMENTA) noted that Anwar has been a proven supporter of SMEs and is among the most vocal defender of SMEs during the pandemic, inside and outside of the parliament.

"We are hopeful that as Prime Minister, he will continue to stand by the one million SMEs in the country," said chairman Datuk William Ng in a statement.

He said it is crucial that the new government prioritises three key issues - firstly, lifting Malaysia out of the middle-income trap by focusing on industries and economic sectors while building on a strong SME ecosystem.

"Secondly, introduce good governance and good regulatory practice to rebuild confidence among foreign and domestic investors that Malaysia is a rules-based, transparent economy driven by integrity and hardwork.

"Thirdly, rebalance the role of government-linked corporations (GLCs) in supporting economic growth and the socio-economic agenda to uplift marginalised groups, without unnecessarily stifling competition and choice," he added. – BERNAMA

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