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KUALA LUMPUR: The government will continue to cultivate an ecosystem that allows businesses to prosper and make Malaysia an attractive investment destination, said Prime Minister Tan Sri Muhyiddin Yassin (pix).
Without making Covid-19 an excuse for insularity and introspection policies, the government would also pursue policies that ensure favorable market conditions for Malaysian exports, he said.
“Truly, as a developing country with strong global ties, Malaysia strongly believes in free, fair and open trade and investment.
“As Prime Minister, I wish to take this opportunity to offer my fervent assurance that Malaysia was, is and always will be a country that favors business, trade and investment,” he said at the Virtual World Chinese Economic Summit today.
The prime minister said that with the right policy tools, targeted intervention measures and new ideas for public-private partnerships, Malaysia could successfully fight the pandemic and quickly weather the resulting economic crisis.
“We must, therefore, explore all the possibilities in this space, so that we can quickly put in place a system that allows us to achieve a delicate balance between our health priorities and our economic needs,” he said.
Muhyiddin said that in the collective pursuit of this elusive balance, it is of utmost importance that governments around the world continue to be faithful to the fundamental philosophies and rules that govern international trade, which in turn provides certainty and predictability for businesses. .
Protectionism and unilateralism must be resisted, he said, and unhindered flows of cross-border goods and services must be allowed, ensuring minimal disruptions to regional and global supply chains.
Recognizing China as a key proponent of the multilateral trading system, the prime minister said that the country has been a voice of reason and restraint during the Covid-19 crisis; Calling on other countries to ensure that emergency measures introduced to mitigate the risks associated with the pandemic do not disproportionately affect trade and investment flows.
“Indeed, China’s vocal views that we should not use Covid-19 as an excuse for insularity and introspection policies have resonated strongly in Malaysia,” he said.
He also shared the government’s implementation of various measures and stimulus packages to ensure the sustainability of micro, small and medium-sized enterprises (SMEs) in Malaysia, as well as the survival of budding entrepreneurs by framing its response to the crisis of Covid-19.
This included the RM10 billion supplemental package that stepped up the government’s focus on mitigating the impact of Covid-19 on micro, small and medium-sized businesses through a multitude of personalized measures and incentives, such as the enhanced wage subsidy program; financial assistance through grants and microcredit schemes; as well as conditional tax deductions, he said.
In addition, the government has also allocated an additional 1.2 billion ringgit in microcredit financing, which will be made available through various financial institutions under the recently announced Budget 2021.
The amount includes the RM110 million increase in the allocation for Bank Negara Malaysia’s Micro-Enterprise Facility, which seeks to encourage entrepreneurship among the self-employed and the self-employed, he said.
Meanwhile, Muhyiddin pointed out that the Covid-19 crisis has become an unlikely ally for innovation, digitization and technology adoption.
He acknowledged the growing demand in electronic markets, as well as the avalanche of activities in electronic banking systems, electronic wallets and end-to-end logistics services.
“In fact, these are all a reflection of radical changes in the very DNA of our businesses.
“Their core models and traditional formats are constantly evolving, and governments must respond to these changes appropriately, appropriately and astutely,” he added.Called
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