11-9-2023

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) believes that the Mid-Term Review of the Twelfth Malaysia Plan’s (12MP) renewed strategies and initiatives, if well executed through better coordination between the Ministries as well as close collaborations between the public and private sector, can achieve the plan’s targets.

The mid-term review plan is more holistic and comprehensive as it incorporated Ekonomi Madani framework, the National Energy Transition Roadmap and New Industrial Master Plan, to attain high-income nation status while ensuring that shared prosperity is sustainable.

President of the ACCCIM, Senator Tan Sri Dato’ Low Kian Chuan is calling on the Government to accelerate the process and strengthen the level of implementation efficiency to achieve the 12MP’s revised goals. So far, 31% of the 175 selected targets set have been achieved, and 59% are on schedule.

The proposed increase in the ceiling of Development Expenditure by RM15 billion to RM415 billion from RM400 billion for the 12MP needs close monitoring and proper spending governance, especially for the implementation of government projects.

The chamber is glad that the Government emphasizes the strengthening of the efficiency of public service delivery, including integrity and weeding out corruption as well as the enforcement and monitoring efficiency. Tan Sri Dato’ Low further added that the Ministries and agencies must have strong implementation capacity to deliver on development programmes and projects, on time and on budget. Our planning system, coordination and the implementation units must raise the level of efficiency to speed up implementation in addition to cost savings, so as to have a wider economic multiplier effect on the domestic economy.

On the facilitation of Domestic Direct Investment (DDI), we support the initiative to establish more MyMudah units at various levels to facilitate domestic businesses’ ease of doing business. Public sector must act as an effective facilitator in enhancing the right environment with transparent, consistent and good regulatory practices for investments.

On the initiatives to raise overall wages of employees, Tan Sri Dato’ Low said that it is collective efforts by three parties: Government’s wage policy; Employers’ commitment towards the implementation of productivity-linked wage compensation scheme for employees; and Employees’ commitment towards productivity improvement and skill sets enhancement.

Cost pressures, increased employment cost, as well as the ESG and climate change constraints are taking a heavy toll on firms, especially the SMEs. It is hopes that the implementation of a multi-tiered levy and Progressive Wage Model will be on a staggered basis to smoothen the cost implications on businesses and employers.

The ACCCIM can be the conveners and drivers of the plan, orchestrating the stakeholders and resources to support our short-to-medium term economic agenda to ensure Malaysia becomes the home of a stable, sustainable, equitable and prosperous as well as better quality of life for all Malaysians and a globally competitive country.