BUSINESS organisations are calling for the Federal Government to implement incentives and stimulus packages to revive the country’s economy through Budget 2024. According to Low Kueck Shin, the president of the Johor Baru Chinese Chamber of Commerce and Industry, many companies are still facing challenges due to the ongoing Covid-19 pandemic. He also pointed out that global economic uncertainties, coupled with the Russia-Ukraine conflict, have further exacerbated the situation. Low suggested that the government provide lower interest rates and soft loans to support the growth of businesses and companies.
Low says major public construction projects can create a chain reaction in the local economy.In challenging times, Low believes that the government should increase spending to boost domestic consumption, thus stimulating the economy. He emphasized the importance of allocating funds for public infrastructure projects and the education sector in the upcoming budget. Low believes that investing in new public hospitals, roads, bridges, and flyovers will create a chain reaction, benefiting not only the construction sector but also various related industries such as logistics, transportation, building materials, supply chains, and food and beverage. He further recommended the construction of additional vocational institutions to nurture semi-skilled and skilled workers, citing examples from developed nations like Germany, Singapore, and Japan.
Hussein Ibrahim, the secretary of the Johor Indian Muslim Entrepreneurs Association (Perusim), urged the government to address the high cost of basic necessities in Budget 2024. While he acknowledged that the price hikes aren’t exclusive to Malaysia, Hussein stressed the need for a mechanism to control the situation. He expressed concern over the depreciating ringgit and rising inflation, which have led to a 30% to 40% increase in prices of raw cooking materials such as seafood, chicken, and vegetables since the beginning of the year. The prices of dry items like rice, onions, flour, sugar, and cooking oil have also surged, affecting restaurant operators. Hussein proposed reducing exports of these items to Singapore and prioritizing the local market to stabilize prices. He also suggested the establishment of distribution centers across various regions and states to eliminate middlemen’s role, which contributes to the difficulty in controlling prices.
The tabling of Budget 2024 is set to take place on October 13 in the Dewan Rakyat by Prime Minister Datuk Seri Anwar Ibrahim, who also holds the position of Finance Minister.
Credit: The Star : Metro Feed
