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FMM In The News: BERNAMA, KUALALUMPUR, October 14, 2023 - The Federation of Malaysian Manufacturers (FMM) is optimistic that the RM200 million allocation in Budget 2024 as the initial fund to drive the New Industrial Masterplan 2030(NIMP2030) would elevate the sector as the country's engine of new growth.  

President Tan Sri Soh Thian Lai said the allocation would focus on and prioritise high­ growth high-value (HGHV) sectors and the incentives such as the tiered reinvestment tax incentives introduced to support the contribution of these sectors to the overall gross domestic product (GDP) of the country.

''The introduction of the Investment and Trade Coordination Action Committee is also a step in the right direction to further attract more HGHV-related investments both foreign and domestic," he said in a statement.

Additionally, he said the focus on technology and innovationto drive new economic growth, which is supported by research, development, commercialisation and innovation (R&D&C&I), to achievethe country's target of being in the Top 30 countries in the Global Innovation Index by 2026 is much welcomed.

Hesaid in particular, the RM57 0 million allocation for R&D fundsunder the Ministry of Science,Technology and Innovation (MOSTI) and the Ministry of Higher Education (MOHE) and the push for greatercollaboration between publicuniversities and industry would further drive initiatives in R&D&C&I.

Soh said the industry also noted the extension in the implementation date for the first phase of thee-invoicing by the Inland Revenue Board to Aug 1
, 2024.

This move would certainly facilitate greater preparedness of industries in meeting this new mandatory requirement.

"FMM also likes to express our gratitude to the RoyalMalaysian Customs Department and theMinistry of Finance for the introduction of tax exemption on manufacturing aides effective Jan 1, 2024.

'This significant move will undoubtedly benefit our industries by enhancing the competitiveness of our Malaysian manufactured products as well as the focus on addressing the country's food security which will further grow our food processing sector as a world-class food processing hub," he said

Overall, FMM is of the view that the Budget 2024 strategy is well-balanced, prudent and

As the government repositions Malaysia in this new era of global competition, the FMM fully supports the initial steps taken concerning sustainability and the green agenda as Malaysia transitions to a low-carbon economy without losing sight of food security.

The budget focus on digitalisation and the adoption of advanced technology is critical and will enhance industry competitiveness in the medium to long term, he added.


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