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FMM pledges to work with new Cabinet to revive Malaysian economy

FMM In The News: THE EDGE MARKETS, KUALA LUMPUR, Friday, December 2, 2022 - The Federation of Malaysian Manufacturers (FMM) has pledged to work closely with the newly-formed Cabinet to help further revive the Malaysian economy from the global headwinds.

In a statement issued shorty after the announcement of the new line-up of Cabinet ministers by Prime Minister Datuk Seri Anwar Ibrahim on Friday (Dec 2) evening, FMM president Tan Sri Soh Thian Lai called for expeditious implementation of measures by the respective ministries to steer the country to economic revival from Covid-19 and the global economic challenges.

“FMM looks forward to continued support for the manufacturing sector, which has been the pillar of economic growth during the pandemic period.

“Most importantly, a business-friendly regulatory environment is essential in ensuring the ease of doing business and to keep industries competitive and sustainable, and to continue growing during this critical period,” said Soh.

“We call on all ministers to ensure that all measures and policies implemented to aid the recovery and revival of businesses be based on four key policy principles of credibility, clarity, consistency and certainty, by making them simple, transparent, reliable, easy to comply [with], consistent and fair. Focus must also be to ensure the highest level of integrity and efficient service delivery,” he added.

Soh expressed hope that Budget 2023, which is expected to be retabled soon, be focused on improving the economic climate.  

This, it said, can be done by increasing economic activities, including trade and investment activities, to generate revenue and create employment; lowering the cost of doing business; restoring the confidence level of both foreign and domestic investors; strengthening the capital market and ensuring the stability of the ringgit.

FMM also hopes for the continued promotion of technical and vocational education and training (TVET) and science, technology, engineering and math (STEM) education, towards building a pool of highly-skilled workforce to support manufacturing transformation towards more high technology and high value added activities and products.

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