Amcham welcomes economic package

  • Business
  • Saturday, 24 May 2003

THE American Malaysian Chamber of Commerce (Amcham) said it welcomes what it describes as a well rounded and timely economic package. 

Its president Tim Garland said the package was also “well-defined, targeting the short-term core issues of our businesses such as interest rates, poor consumer and business confidence, soft property markets, and health and hygiene issues.” 

“The package targets and addresses the heart of the very issues which were raised by Amcham in the International Trade Industry Minis-try and the Finance Ministry dialogues,” he said in a statement yesterday. 

Garland said the package also addressed long-term issues and initiatives such as grants for small and medium-sized companies, emphasising the services sector, higher skills development and the need to boost foreign direct investments. 

“These issues have long been raised and lobbied by Amcham,” he added. He said the package demonstrated “the pragmatic style of the present administration”, which gave the chamber the confidence that the Government would “continue to value Amcham as a source for ideas, suggestions and most importantly, continual feedback from American businesses here.” 

On the relaxation of the Foreign Investment Committee ruling, Garland said it was also very encouraging for the American business community, as it changed the perspective for foreign investors who were weighing their investment options in Asia. 

This is indeed an encouraging move by the government and we certainly appreciate, as will our principal investors in the US, the responsiveness of this government. 

Garland said initiatives to revive Malaysia's agriculture and rural bases are also supported by Amcham because it believed that these balance economic growth across the various sectors as well as the population, which is essential for long-term stability. 

According to Amcham's Corporate Survey 2002 conducted among its members last year, American businesses had an estimated combined revenue of RM91.6bil. American companies have invested an estimated RM83.7bil, and employ 105,405 workers. 

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