1.First of all, on behalf of the ACCCIM, I would like to welcome everyone to the ACCCIM Media Conference on Survey Report on Economic Situation of Malaysia for the 2nd Half of Year 2015.

2.Bank Negara Malaysia announced that the Malaysian economic growth has reached 4.5% in the fourth quarter, better than market expectation, and achieved an average growth of 5% under the support from private sector demand. The future economy is deemed challenging in view of the uncertainties arising from the external economic environment.

3.The market is in need of measures and plans to restore the confidence in Malaysian economy, the ACCCIM also have many discussion sessions with the relevant Government Ministries, in particular on the short term suggestions and countermeasures vis–à–vis current situation in the country, in order to restore and strengthen the confidence in the Malaysian economic market.

4.These strategies include simplifying Governmental agencies regulatory procedures, providing financial incentive and tax concessions for businesses. Specifically on the tax rebate and relief could assist some small and medium entrepreneurs (SMEs) to improve their cash position, maintain a more stable development.

5.On 28th January 2016, the Government had announced a Recalibration Budget 2016 to optimise the country’s expenditures. The ACCCIM opined that the public sector should imitate the measures taken by the private sector to implement cost-cutting measures and act more cautious in spending for goods and services.

6.The immediate issues to be addressed at the moment is curbing the rise in goods prices and the increase of cost of doing business. Although Governmental spending can be reduced by outsourcing, but the outsourcing companies have charged an exorbitant fee or increase the costs at will for its services, causing dissatisfaction from various parties. Other than causing a higher cost of doing business and inflation, it also obstructing the economic development. The Government should pay attention to monitor and cease on the abovementioned.

7.The ACCCIM Survey results have repeatedly shown that the Malaysian business community continues to hope for the Government to introduce and implement more pro-business economic policies and high efficient monitoring system, co-operate with the businesses, reduce the cost of doing business, stimulate on the consumption and promote economic activity.

8.Look into the future, developing the regional market is an important strategy. The ACCCIM urges businesses to comprehend more about the background and influences of the ASEAN Economic Community (AEC), One Belt, One Road and Trans-Pacific Partnership Agreement (TPPA), actively encounter the challenges to make preparation for future competition, grasp the opportunity and expand their business.

9.This economic survey covered many current issues, such as cost of doing business, GST impact, cost of hiring foreign labour, Ringgit depreciation, international trade and so forth. Dr. Leong Kai Hin, Chairman of the ACCCIM Commerce Committee will brief on the findings of the survey.

10.On behalf of the ACCCIM, I would like to thank the Commerce Committee and University Tunku Abdul Rahman (UTAR) for their efforts in conducting this survey and prepare the survey report. The ACCCIM would also like to express our sincere appreciation to all the media for your continuous support and wide coverage on the survey findings.

Thank you.

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