Chinese associations welcome RM8.1bil stimulus

  • Nation
  • Friday, 23 May 2003

Economic Stimulus Package

Government unveils economic stimulus packageThe much-awaited economic stimulus package, which was unveiled by Datuk Seri Dr Mahathir Mohamad yesterday, has four main strategies and 90 measures and aims to generate economic activities by mobilising domestic sources of growth, boosting consumption and encouraging investments.

Boost for tourism sectorIncentives given under the stimulus package will help travel agencies and tour operators to survive the negative impact of the Severe Acute Respiratory Syndrome (SARS) and war in Iraq during the next six months, said Malaysian Association of Tour & Travel Agents (Matta) president Tunku Iskandar Tunku Abdullah.

Allowance a form of recognition for efforts, says Dr IsmailThe critical allowance for healthcare workers battling SARS under the stimulus package is a form of recognition for their efforts and a morale booster for them, Health deputy director-general Datuk Dr Ismail Merican said.

Incentives will put local products on international marketIncentives for hypermarkets and direct-selling companies to export local products will pave the way for Malaysian products to enter international markets.

Stimulus to be felt in three months, says AbdullahDeputy Prime Minister Datuk Seri Abdullah Ahmad Badawi is convinced that Malaysians will be able to see the full impact of the measures announced under the economic stimulus package in three months.

House Buyers Association: Package will encourage ownershipThe National House Buyers Association welcomed the government's economic stimulus package, stating that any move that generates savings for housebuyers will be beneficial.

Incentives for housebuyersUnder the Home ownership project (Hope) to be implemented by the Government, housebuyers will be given various incentives under the economic stimulus package.

Cuepacs welcomes bonus and 2% EPF reductionCuepacs welcomed the reduction in employee EPF contribution from 11% to 9% and the half month’s bonus payment to civil servants.

RM600mil more for trainingAn additional RM600mil will go towards retraining unemployed graduates as well as skills training programmes for school-leavers under the package.

Perk means little, say cabbiesThe reduction of road tax by 50% for taxis is insignificant, taxi drivers here claim, saying it will not help them because road tax is already cheap. 

Reports by K.P Lee, B.K Sidhu, Hanim Adnan, Hong Boon How, Daljit Dhesi, Liew Lai Jing, Izwan Idris, Sabry Tahir, Kathy Fong, P.W Thong, Elaine Ang and Yap Lih Huey.

Business groups hail RM8.1b economic packageBUSINESS groups generally hailed the introduction of many new and dynamic measures under the RM8.1bil economic package to spur the economy onto a more vigorous growth path.

KLSE closes higher after measures announcedTHE government decision to cut interest rates to historic low levels as part of the measures to boost the economy lifted stocks on the KLSE for the sixth consecutive day.

The package needs good deliveryBy WONG SULONG

Rate cut to spur consumptionBANK Negara yesterday cut the three-month intervention rate by 50 basis points (0.5%) to 4.5% to spur domestic consumption.

Elimination of red tape vital to attract more FDIMALAYSIA would be a much more attractive destination for foreign direct investment (FDI) as a direct result of the elimination of “red tape” such as liberalising the Foreign Investment Committee (FIC) guidelines.

Economic package good for educationTHE Malaysian Association of Private Colleges and Universities (MAPCU) is glad that the government had in the economic package addressed the importance of promoting Malaysia as the region's centre of educational excellence.

Association confident measures will help SMIsTHE SMI Association of Malaysia has expressed confidence that the economic package will help small- and medium-size industries (SMIs) as well as budding entrepreneurs.

Hoteliers see big savings in electricity billsPLAYERS in the hotel industry view the economic package as a positive step forward to battle the effects of the Severe Acute Respiratory Syndrome (SARS) outbreak.

MATTA: Package is timelyTHE economic package would help tide the badly hit travel and tour industry over the difficult time caused by the Severe Acute Respiratory Syndrome (SARS) outbreak, travel and tour operators said.

More promotions for Penang hotelsHOTELS in Penang are looking forward to implementing more promotional programmes to stimulate domestic travel following the 5% discount on their electricity bills.

Restaurants see sales up 10%-20%RESTAURANT operators expect sales to jump between 10% and 20% for the six-month period to December.

Developers: Measures help to sustain property transactionREAL Estate and Housing Developers Association president Datuk Jeffrey Ng said the economic measures announced showed that the government had listened to industry views.

What the CEOs sayCEOs comment on the stimulus package.

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