First of all, I would like to extend my sincere thanks to all of you for attending the 74th Annual General Meeting of the ACCCIM.

1. Due to the new normal in face of Covid-19, the 2020 AGM is held in a simplified format different to that of previous years. It is a novel experience for all of us.

2. Nevertheless, thank you for your willingness to mobilize in this difficult time. Your invaluable support and enthusiasm are the very force that propelled ACCCIM forward.

3. Covid-19 is a true invisible hand, dragging down the global economy to a path full of uncertainties. It causes severe impacts in the form of deep decline in consumption; disrupted supply chain; cash flow and operational cost challenge.

ACCCIM Assist in Fighting Against Covid-19 Pandemic and Revitalising the National Economy
Ladies and Gentlemen,

4. To curb the spread of Covid-19 virus, the Government has declared the enforcement of movement control order (MCO) starting from March 18th, nearly all the business activities are halted. With regards to this, the business world has suffered unprecedented challenge from the double whammy of the pandemic and economic stand-still. ACCCIM was duty bound to initiate immediate actions to fight against COVID-19 pandemic, amongst these include raising Covid-19 charity fund, voicing out issues faced by the business community and submitted various proposals and memorandums to the Government.

5. ACCCIM has donated 3.5 million pieces of medical gloves to hospitals in China. Together with the members of ACCCIM, we successfully raised RM 2.6 million within 24 hours; with RM 1 million each channelled to The Edge Covid-19 Equipment Fund and The Edge Covid-19 Health Care Workers Support Fund. As of 30 June 2020, The Edge Fund has already raised RM 25 million.

6. We established a special task force, and set up effective communication channels with several Ministers and Deputy Ministers to submit the feedbacks on challenges faced by the business community and to discuss on the resolutions.

7. ACCCIM also submitted 23 memorandums to the Government, incorporating multiple immediate proposals and strategies to enhance the Economic Revitalisation Package, in the hope to “Save Businesses, Save Jobs, Save Economy”. During the period, ACCCIM has visited the YAB Prime Minister, and conducted meetings with 7 Ministers and Deputy Ministers.

9. In the hope of strengthening the spirit of togetherness and to show solidarity among all Malaysians to battle against the COVID-19 pandemic, ACCCIM has invited a group of local artists to record a Chinese song titled “Sharing the Same Future”, and the Bahasa Malaysia version titled “Bersama, Kita Pasti Menang”, both songs received positive feedback after.

9. Despite the movement restriction, ACCCIM has never stopped rendering out support to our members via working from home, especially our staffs of the Secretariat Socio-Economy Research Centre (SERC).

10. Last Monday (20th July), I led a delegation of NCCIM’s Five Constituent Chambers to pay a courtesy call on YAB Prime Minister, Tan Sri Muhyiddin Yassin at Parliament House, and discussed issues of immediate concerns to the economic and business community as the country navigates through the recovery stage. YB Dato’ Sri Tengku Zafrul, Minister of Finance and YB Dato’ Sri Mustapa bin Mohamed, Minister in Prime Minister’s Department (Economy) as well as senior Government officials also attended the meeting engagement.

11. ACCCIM proposed YAB Prime Minister, and the Bank Negara Malaysia, to extend loan moratorium until March 2021, or to allow a flexible repayment. For instance, a lower monthly instalment, step up repayment, and loan tenure extension, so as to relieve Rakyat’s burden.

12. Domestic demand is the key to propel sustainable economic growth, in tandem with PENJANA’s Shop Malaysia Online and ACCCIM welcomes Government’s Buy Malaysian Product campaign, to help spur retail spending and revive market.

13. Due to the uncertain outlook of Foreign Direct Investment (FDI), we also proposed a wide range of initiatives to revive the vitality of domestic direct investment (DDI), Amongst these include enhance investment climate, provide Reinvestment Allowance, render support for the industrial transformation towards IR 4.0.

14. Domestic direct investment (DDI) is the key to our nation’s sustainable growth and employment opportunities. On this note, the National Chambers of Commerce and Industry of Malaysia (NCCIM) has established a Special Committee on DDI headed by Tan Sri Lim Kuang Sia.

15. We were pleased to have a positive and cordial session with YAB PM and glad with the Government’s commitment to continue engaging with the Chambers, to ensure our economy is getting back on track. We believe, economic growth and social well-being will remain the first priority of the government.

Restore Confidence on Economy and Political Stability

16. There is no doubt that political stability is a variable of great importance in building a coherent and continuous path for sustainable development. The uncertainty associated with an unstable political environment would undermine investors’ confidence, reduce investment and further hinder the pace of economic development.

17. With regards to this, it is of the utmost importance that to set a clear policy and economic direction. Investors and businesses want 3Cs (Clarity, Consistency and Continuity) while maintaining a competitive and business friendly environment. The Government agencies must be responsive to radical changes and coming up with new solutions to make Malaysia a progressive and competitive nation.

18. More importantly, the Government should engage the stakeholders for dialogues as well as discussions between public and private sectors prior to implementation to ensure the feasibility of the policy.

19. At the same time, ACCCIM also suggests the Government to enhance the public-private partnership, to implement the Economic Recovery Plan effectively, adopt more measures for long term growth and sustainable development in the coming 2021 National Budget.

Strengthening National Unity and Embrace Pluralism

20. National Unity is the key force to propel our country forward, Government should continue to practise pluralism, strengthen National Unity and racial harmony in order to safeguard the well-being of the people.

21. In this regard, political leaders should put the country’s and Rakyat’s interests ahead of anything while the government and technocrats should focus addressing on long-term issues.

22. ACCCIM has the utmost confidence in Government’s ability to contain Covid-19 pandemic and would provide unrelenting support in whatever form to counteract the temporary economic disruptions. As always, we would continue to engage with the Ministries and relevant agencies towards ensuring a steady economic growth and business expansion ahead.

Ladies and Gentlemen,

23. Lately, we see new increase in Covid-19 cases, we must not let complacency set in, we should continue to observe strict precautions, including wearing mask, frequent handwash and social distancing, to prevent another wave of Covid 19 infection, as our country cannot withstand another round of movement control order.

Conclusion

24. 2021 marks a significant year for ACCCIM, as we would be celebrating our anniversary as well as organising the 16th World Chinese Entrepreneurs Convention (WCEC). I call on all fellow colleagues to work together, and make it the best WCEC ever and also a world class event.

25. I would like to conclude my speech by reiterating my sincere gratitude to all of you for attending the 2020 AGM. I wish you good health and happiness. Thank you.