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FMM Calls for Overhaul Trade Policies

FMM In the News: NEW STRAITS TIMES, KUALA LUMPUR, Friday, January 27, 2023 -  The Federation of Malaysian Manufacturers (FMM) has called for an overhaul of trade policies to revitalise Malaysia's position in the future Asean.

In a statement today, FMM president Tan Sri Datuk Soh Thian Lai said as a small open economy with a small domestic market, Malaysia's development focus has, primarily, been on the global markets with a particular focus on Asean.

He said Asean has been essential to the regional supply chain since the Plaza Accord and Malaysia was, more often than not, the window to the dynamic Asean.

"Malaysia has one of the youngest and well-educated working populations in this region, long established itself as one of the most integrated economies in the world with the highest per capita total trade in Asean other than Singapore.

"Not to mention the stable macroeconomic and regulatory environment, it never gets old to position Malaysia as the gravity to Asean's future," he said.

He said FMM believes that Malaysia can still offer new companies an entry and a springboard into the Asean market.

"Malaysia still has much capacity and potential to offer foreign investors. Not only is our infrastructure good, our political environment is stable and our banking system is sound.

"Malaysia also has all the necessary resources such as financing, manpower, security, business-friendly regulatory framework and a strategic location that is less prone to natural disasters," he said.

He said although Malaysia never lacks development ideas and planning, the problem has always been, and still is, implementation.

"This pertinent problem needs to be addressed," he added. – Bernama

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