Publication

ACCCIM President Speeches

13 Oct 2024

Welcoming Speech of 78th AGM

Perdana Menteri Malaysia, Yang Amat Berhormat Dato’ Seri Anwar Ibrahim,

Mantan Presiden ACCCIM, Y.Bhg Senator Tan Sri Dato’ Low Kian Chuan,

Presiden Kehormat Seumur Hidup Tan Sri William Cheng,

Tan Sri Datuk Ter Leong Yap dan

Dato’ Lim Kok Cheong

Presiden Kehormat, Presiden dan ahli-ahli Dewan Perniagaan dan Perindustrian Cina dari seluruh negeri,

Wakil-wakil Media, Dif-dif Kehormat, Para Hadirin sekalian,

Salam sejahtera dan selamat pagi.

Bagi pihak Dewan Perniagaan dan Perindustrian Cina Kuala Lumpur dan Selangor (KLSCCCI), saya berbesar hati dapat hadir pada pagi yang bermakna ini. Kami ingin merakamkan setinggi-tinggi penghargaan kepada Dato’ Seri Anwar Ibrahim atas kehadiran beliau yang cukup memeriahkan lagi majlis ini.

Pada pagi ini, dengan kehadiran lebih daripada 400 ahli, kita berpeluang menyaksikan Mesyuarat Agung Tahunan Gabungan Dewan Perniagaan dan Perindustrian Cina Malaysia (ACCCIM) yang ke-78. Tahun ini, KLSCCCI bertuah menjadi tuan rumah majlis ini sempena ulang tahun ke-120 dewan kami. Semoga tahun ini memberikan pengalaman istimewa kepada semua ahli.

Tuan-tuan dan puan-puan, izinkan saya meneruskan ucapan saya dalam Bahasa Inggeris.

Ladies and gentlemen,

We have observed remarkable changes under a stable unity government, reflected in a stronger Malaysian ringgit. Such stability has attracted international investors and boosted our economy, especially in key sectors like infrastructure, manufacturing and high-tech.

According to MIDA, foreign direct investment in Malaysia reached RM34.1 billion in the first half of 2024, illustrating the effectiveness of government initiatives to attract investment. Malaysia’s GDP rose by 5.9% in the second quarter, and the ringgit has been among Asia’s best-performing currencies, creating a promising economic outlook.

The stabilising ringgit is drawing more investors to Malaysia. Google’s USD2 billion investment in a data centre highlights our positive growth path. We must keep creating such opportunities to stay competitive globally.

While a stronger ringgit boosts investor confidence, it presents mixed challenges for different industries. A fast appreciation can hurt exporters’ competitiveness when competing with foreign goods, and may dampen inbound tourism. On the bright side, it helps importers by lowering the costs of essential imported goods and machinery.

Finding the right balance in the ringgit’s strength is crucial for sustainable growth. Businesses want stability, avoiding wild swings in exchange rates. A stable ringgit offers the predictability they need for planning and investment, reducing risks from currency fluctuations.

Ladies and gentlemen,

Rising costs are a significant challenge for businesses across various sectors. While the government’s decision to gradually reduce subsidies benefits people in the long term, it’s important to carefully assess the impact and offer relief measures where needed. For example, providing tax cuts and grants to small and medium enterprises (SMEs) can help ease financial pressures and promote job creation.

SMEs are crucial to Malaysia’s economy, driving innovation and providing jobs. We are thankful for the continuous government support, and we call for increased grant support from the government and relevant agencies. This will enable SMEs to invest in new technologies, expand operations, and remain competitive locally and globally. More grant opportunities would strengthen the resilience of these businesses and stimulate national economic growth, ensuring SMEs continue to contribute significantly to Malaysia’s prosperity.

The SME Digitalisation Grant initiative is a prime example of effective support, helping many SMEs in their growth. We recommend additional funding in Budget 2025 to further drive digital integration and boost efficiency. Establishing clear guidelines and a proper follow-through process will ensure these grants are accessible and utilised effectively.

We urge the government to enhance financing options and offer flexible loans, particularly for businesses in manufacturing and services, to better navigate economic challenges. We call for ongoing efforts to create a supportive business environment that promotes investment, innovation, and global competitiveness.

Ladies and gentlemen,

While we have secured significant investments, we face a shortage of skilled professionals. We urge the government to introduce incentives, such as tax breaks and work visas, to attract and retain talent. Last year, Bank Negara highlighted that nearly 500,000 Malaysians, mostly skilled professionals, are working overseas. To become a global leader in high-tech industries, addressing this brain drain is crucial.

With Malaysia set to chair the Asean summit next year, we have a unique opportunity to explore the liberalisation of the labour market in critical sectors in the region and beyond. Through G2G arrangements, we can allow foreign graduates from Malaysian institutions to start their careers here, specifically addressing talent shortages in areas like AI, cybersecurity and engineering.

This initiative should focus on roles that are challenging to fill, ensuring our local talents are not sidelined. By granting work visas to foreign graduates in specialised areas, we can enhance our workforce and stimulate economic growth.

Moreover, this move can positively impact our education sector, making it more appealing to international students by offering career opportunities after graduation. As we aim to develop our economy with limited manpower, utilising foreign talent educated in Malaysia is a sensible approach. This strategy not only tackles the brain drain but also solidifies Malaysia’s role as a hub for skilled professionals, promoting regional cooperation and advancement during our Asean leadership.

Ladies and gentlemen,

Last but not least, I express my heartfelt gratitude to Dato’ Seri Anwar Ibrahim and all attendees for your support and participation today. Your involvement is essential for achieving our shared goals. Through collaboration and shared vision, we can overcome challenges and embrace opportunities.

Let us continue to inspire and support one another in pursuit of a better future and create a resilient community together!

Thank you.

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