NCCIM hails plans for new council to boost economy

The central bank said on Thursday for 2019, domestic demand will remain the key driver of growth though it was cautious about moderating global growth and its fallout on the local economy.

PETALING JAYA: It is an aye from the National Chamber of Commerce and Industry of Malaysia (NCCIM) for the government’s plan to have a new set-up to chart a clearer direction for the Malaysian economy.

The NCCIM, which is made up of five national business groups in the country representing over 600,000 members, said the proposed body, which would be similar to the previous National Economic Action Council, was timely in view of the current global challenges.

“There are also external challen­ges particularly with regards to the US-China trade war,” NCCIM president Tan Sri Ter Leong Yap.

“We will not be able to escape the coming storm if the trade war prolongs as it will affect our businesses and exports,” he said when contacted about the Prime Minister’s announcement last week to have the new body that would be similar to NEAC.

Back in 1998, the NEAC was formed to revive the economy, and protect Malaysia’s global competitiveness, among others.

Ter said the NCCIM was looking forward to seeing a blueprint to chart the country’s economic future.

NCCIM comprises of the Malay Chamber of Commerce, Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), Federation of Malaysian Manufac­turers, Malaysian Associated Indian Chambers of Commerce and Indus­try, and Malaysian Interna­tional Chamber of Commerce and Indus­try.

Ter, who is also ACCCIM president, said the NCCIM would be organising a National Economic Forum in August aimed at addressing economic issues.

Malaysia-China Chamber of Commerce president Tan Yew Sing said that besides institutional reforms, the government must begin implementing economic reforms to ensure the nation’s well-being.

He said the focus should be on developing a private sector driven economy rather than the one that was dependent on government linked companies (GLCs) and the public sector.

“More countries are looking at creating demand driven economic activities. This role is played by the small and medium enterprises (SMEs) which account for over 90% of our nation’s economic activities while creating some 50% in job opportunities,” he added.

Malay Businessmen and Industria­lists Association of Malaysia chief executive officer Datuk Naim Moha­mad said the proposed body must also take into account the voices expressed via social media.