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FMM lauds Madani Economy for advancing manufacturing sector’s instrumental role

FMM In The News: THE MALAYSIAN RESERVE, July 28, 2023 - The Federation of Malaysian Manufacturers (FMM) has lauded the Madani Economy framework for advancing the manufacturing sector’s instrumental role in fulfilling the aspiration of making Malaysia a leading Asian economy again.

President Tan Sri Soh Thian Lai said several initiatives highlighted in the latest economic framework launched by the Prime Minister yesterday would be implemented to elevate the sector as the country’s engine of new growth.

“FMM supports the government’s target of making Malaysia one of the top 30 biggest economies in the world including becoming a regional economic powerhouse and establishing greater economic integration with neighbouring countries.

“Indeed, the manufacturing sector has a big role to play here by ensuring that Malaysia continues to be a preferred regional supply chain and manufacturing hub in the Asean region,” said Soh in a statement today.

The strategies and reforms outlined to improve competitiveness and the ease of doing business including good governance are very critical to making Malaysia a continued favoured destination for investments, he said.

In this regard, Soh said FMM would like to urge the government to set up a Madani Economy Inter-Ministry Joint Working Committee with the involvement of the private sector to coordinate all the strategies and key performance indicators (KPIs) and action plans.

“FMM could not agree more that the key to the success of the implementation of the Madani Economy is effective and efficient implementation of the initiatives and reforms, as well as good governance.

“Most important are regular stakeholder consultations to ensure that the initiatives are aligned with the current economic and business conditions for industries to remain competitive and sustainable, and to continue growing,” he said. – BERNAMA

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