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Stability vital to boost investor confidence, says FMM

FMM In The News: FREE MALAYSIA TODAY, PETALING JAYA, August 14, 2023 - Following the recently concluded state elections, the Federation of Malaysian Manufacturers (FMM) has called on the government to ensure political stability and policy certainty in order to attract more investments into the country.

It emphasises the need for the federal and state governments to provide unwavering support to the manufacturing sector, which has been identified as the country’s engine of new growth under the Madani economy framework.

“We call on the new lineup of the state executive councillors to strengthen their support for the business sector with renewed pro-business policies to boost investors’ confidence which is key for businesses to excel,” said FMM president Soh Thian Lai in a press statement today.

The federal government, he said, must adopt a results-driven approach in its economic recovery mission before its five-year tenure expires.

Among measures that need to be emphasised are the strengthening of economic fundamentals and the reduction in cost of doing business.

“Institutional reforms are also key to economic recovery and growth, as well as continued focus on government administration efficiency and ensuring the highest level of integrity.

“It is also crucial to improve the well-being of the people by focusing on enhancing their purchasing power and lowering the cost of living,” Soh added.

To ensure that economic reform plans are on track, FMM has proposed the establishment of a Madani Council and an inter-ministry and private sector joint steering committee.

These entities, it said, would provide the framework for aligning the country’s efforts with the Madani values promoted by Prime Minister Anwar Ibrahim.

Furthermore, it would also enhance collaboration between the private and public sectors, as well as various stakeholders.

“The business community cannot stop emphasising on the importance of a business-friendly regulatory environment to keep industries competitive and sustainable, and to continue growing.

“This can only be achieved if policies and regulations are simple, more transparent, reliable, easy to comply, consistent and fair,” Soh said.

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