Speech by Tan Sri William Cheng, ACCCIM President

17-8-2009 (Monday), 12 noon, ACCCIM Conference Room

1. First of all, I would like to express my appreciation to all the media representatives for your presence at this press conference on the Survey Report on Economic Situation of Malaysia for the 1st half of Year 2009.

2． Global economic and financial situation further deteriorated at the end of last year. External demand declined significantly and businesses have gone from bad to worse. In the current economic downturn, the Government announced decision to maintain the electricity tariffs for now. This has prevented further increase of operating costs and the decision is consistent with the Government’s efforts to revive economy by implementing a series of economic stimulus measures. ACCCIM is grateful and support the Cabinet’s decision to reject the proposal for electricity tariff increase.

We express appreciation to the Federal Government for being thoughtful of the difficulties facing the businesses and in giving priority to the interest of the people.

3. Since assuming the position as Prime Minister, YAB Datuk Seri Najib Tun Razak has implemented a number of economic liberalisation policies and measures, including opening up of services and finance sector. The Prime Minister has also paid official visits to China, Indonesia, Thailand, Singapore, Brunei and other trading partners to promote and strengthen intra-region investments and trade.

At the meantime, ACCCIM hope the Key Performance Index mechanism of six National Key Results Areas announced by the Government can consolidate all the resources and strength to ensure smooth transition of Government management and ultimately benefit the people.

4. The ACCCIM Economic Survey on Economic Situation of Malaysia for the 1st half of 2009 can be viewed as a mean to gauge the economic situation facing the Malaysian Chinese business community in the 1st half of 2009. The survey also covered some current issues in relation to the Chinese business community, namely impact of the recession in United States, Japan and Europe, government’s RM10 billion guarantee programme and current low level of borrowing costs, effects of the Government’s two economic stimulus packages, efforts to reduce workforce and selling price of consumer goods as well as concern over the public security situation in the country. This survey result serves as important reference for both the government and the business community.

5. Finally, I take this opportunity to thank the media for your support and cooperation in giving continued coverage of this survey report. Thank you.

Click here to download the survey report.