NCCIM: Budget 2022 should focus on swift economic recovery plan

by S BIRRUNTHA / pic credit: accim.org.my

THE National Chamber of Commerce and Industry of Malaysia (NCCIM) said the upcoming budget’s immediate priority is to craft a swift economic recovery plan for generating growth, enhancing resilience, revitalising private investment, creating jobs, reskilling and upskilling of manpower.

Its president Datuk Low Kian Chuan (picture) said the chamber had a productive engagement with Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz and his team of senior officials to discuss NCCIM’s proposals for the formulation of the 2022 National Budget.

Also present at the meeting were council members from the Associated Chinese Chambers of Commerce and Industry of Malaysia, Malay Chamber of Commerce Malaysia, Malaysian Associated Indian Chambers of Commerce and Industry, Malaysian International Chambers of Commerce and Industry, and the Federation of Malaysian Manufacturers.

Low said NCCIM had submitted a comprehensive Budget 2022 memorandum containing proposals and initiatives concerning 14 issues and five specific industries under five thrusts.

This includes restoring and sustaining confidence and trust; enhancing the Covid-19 mitigation and containment; securing and accelerating the recovery; building a strong foundation for a sustainable future; and re-energising specific industries.

“In addition, NCCIM hopes the budget will provide support to the Malaysian businesses and industries for investing in the future, by accelerating digitalisation and technology and automation, boosting productive capacity and productivity, and accelerating the transition to environmental, social, and governance.

“We have presented six key focus areas, namely ease of operating costs; revitalising private investment; tax treatment; reinforcing exports and made in Malaysia products; digital transformation and automation; and green growth and sustainable development,” he said in a statement on Friday.

Low noted that the finance minister had responded positively to the chamber’s proposals and has reassured that the government remained committed to work with the chamber to ensure a durable economic recovery and business sustainability as the country’s economy fully reopens safely.

He said Tengku Zafrul had stated that the government is also committed to assist the people affected by the pandemic and support continuity of businesses.

Low said the minister also emphasised that 2022 will be a critical year to jump-start economic and business activities as the government expected to open the economy safely by the end of this year.

Hence, Budget 2022 will be focusing on 3Rs (recovery, resilience and reform) to protect and drive the recovery of lives and livelihoods; to rebuild national resilience; and to catalyse reforms towards the attainment of Sustainable Development Goals.