FMM In The News: NEW STRAITS TIMES, KUALA LUMPUR, Thursday, March 18, 2021 - The Federation of Malaysian Manufacturers (FMM) has thanked the government for translating their wishlist into the newly announced People and Economic Empowerment Strategic Program (Pemerkasa).
FMM president Tan Sri Soh Thian Lai said the industry would benefit from the RM20 billion stimulus package to further strengthen competitiveness and revitalise the economy.
"FMM thanks the government for taking heed of the industry's recommendations to introduce additional initiatives and incentives to boost trade especially export and investment, and to further support the industry's adoption of technology and digitalisation. This will be instrumental to drive business recovery and transformation, productivity and innovation.
"There are companies that have yet to return to their pre-Covid-19 level of business performance in terms of sales and revenue and must continue to be supported to ensure that business can be sustained and ensure job security.
"The industry most certainly welcomes the allocation of RM20 billion under the Pemerkasa with a fiscal injection of RM11 billion by the government," he said in a statement today.
He said the announced initiatives included several new and extensions of the existing initiatives and incentives, some of which were part of FMM's most recent wish list submitted to the Finance Ministry; and International Trade and Industry Ministry, that would have a direct impact on business sustainability.
Initiatives that FMM said would benefit the industry include continuation of the targeted loan moratorium assistance; further extension of the targeted wage subsidy under the Wage Subsidy Programme 3.0 which has been extended to June 2021 with an additional allocation of RM700 million; enhancement of the Socso Penjana Kerjaya 2.0 employment incentives to include short-term employment and gig workers; additional allocation for the hiring incentive; and enhancement of the effectiveness of the Apprenticeship programme by extending the incentive period by an additional three months.
Others include the announcement of the eBizLink digital market platform and Globepreneur initiative aimed at moving more SMEs to the global arena; and support for technology and digitalisation adoption especially by the SMEs and mid-tier companies to enhance their operational and manufacturing effectiveness through the additional RM50 million allocation for the Smart Automation Grant.
Soh added for the wellbeing of all and the economy as a whole, FMM also fully supports the National Covid-19 Immunisation Programme and will continue to urge members to get all their employees including foreign workers registered for the vaccination.