Business groups argue that attracting more foreign direct investments (FDIs) into Malaysia is crucial for increasing wages and preventing locals from seeking employment abroad. According to South Johor SME Association adviser Teh Kee Sin, there are several reasons why the local workforce, particularly the youth, tend to search for jobs outside of Malaysia, particularly in Singapore. He states that it is challenging to prevent local talent from seeking higher-paying jobs abroad, which can enhance their value. Additionally, with Malaysia being a small trading nation and the ringgit weaker compared to the US dollar, strengthening the country’s currency would be difficult. Therefore, the best approach is to attract more FDIs, which is currently a priority for the government.
Teh Kee Sin also emphasizes the need for the government to bring in more high-technology investments and value-added business activities in order to raise wages and retain the local workforce. The high cost of living has already put significant pressure on locals. P. Sivakumar, the president of the Johor Indian Business Association, suggests that the government should implement business-friendly policies to make Malaysia more attractive to foreign investors. He hopes that the upcoming Budget 2024, tabled by the Prime Minister, will introduce new policies to attract investments in sectors such as artificial intelligence and robotics. Moreover, Sivakumar believes that the government should bravely implement reforms that will contribute to Malaysia’s future development.
Sivakumar also notes that business-friendly policies and reforms will incentivize overseas-based Malaysians to return home. Apart from attractive wages, these Malaysians seek a stable future for themselves and their children. Budget 2024, to be presented by Datuk Seri Anwar Ibrahim on October 13th, will address these concerns.
Credit: The Star : News Feed
