FMM: Proposed new council will ensure economic framework under unity govt is implemented properly

PETALING JAYA: The proposal to set up a council and joint steering committee between the government and manufacturers’ industry stakeholders will ensure the economic framework under the unity government can be implemented properly, says the Federation of Malaysian Manufacturers (FMM).

Its president Tan Sri Soh Thian Lai said the formation of a council and an inter-ministry and private sector joint steering committee would enhance the framework of aligning the country’s efforts with the Madani values as championed by Prime Minister Anwar Ibrahim.

"The Madani council and joint steering committee would provide a stronger collaboration and a shared sense of responsibility between the private and public sector, and stakeholders and in ensuring proper coordination of all the strategies, KPIs and action plans," he said in a statement on Monday (Aug 14).

Soh also called on the newly-appointed state executive councillors following the conclusion of the six state elections to strengthen support for the business sectors with renewed pro-business policies to boost investors’ confidence in the country.

"We look forward to the continued support and emphasis from the federal and state governments on competitiveness and sustainable value creation especially via manufacturing activities which has been identified as the country’s engine of new growth under the Madani economy framework," he said.

Soh said political stability and policy certainty remain key considerations for both foreign and domestic investors.

"It is important for the current government to complete its five-year term with a result and mission-oriented approach and stay focused on economic recovery.

"The government can introduce the right policies by strengthening the economic fundamentals including lowering the cost of doing business which is a major obstacle to business recovery and growth currently," he said.

Soh added that institutional reforms are also key to economic recovery and growth with continued focus on government administration efficiency and ensuring the highest level of integrity.

"The business community cannot stop emphasising on the importance of a business-friendly regulatory environment to keep industries competitive and sustainable, and to continue growing.

"This can only be achieved if policies and regulations are simple, more transparent, reliable, easy to comply, consistent and fair.

"It is therefore imperative that all policies and measures implemented towards further aiding the recovery of businesses and revival of the economy are based on four key policy principles of credibility, clarity, consistency and certainty," he said.

The state polls involved Negri Sembilan, Selangor, Penang, Kedah, Kelantan and Terengganu which held their polling day on Aug 12.