‘PH govt committed to be business-friendly’
KUCHING: The new Pakatan Harapan ( PH) government remains committed to be a business-friendly government and its policies will continue to be implemented along the development of the country’s economy.
Deputy Minister of Domestic Trade and Consumer Affairs Chong Chieng Jen stated this during a property talk held at a hotel here yesterday.
While there are economists stating that the government should go on an austerity drive in this time of financial difficulties, Chong opines that the new government does not subscribe to such concept but should step up its development efforts instead.
“It had been proven for the past ten years that when the government stops spending, the whole economy will be brought down,” he said, adding that the PH government is aware that some European counties have adopted such austerity drive.
On the refund of RM34 billion in Goods and Services Tax (GST) input tax, income tax and real
It had been proven for the past ten years that when the government stops spending, the whole economy will be brought down.
property gains tax (RPGT) in 2019, he said it would definitely be a stimulus to the country’s economy and there should not be any concern for the new government’s financial health next year.
In fact, he shared that Malaysia had recorded a total of RM49 billion in foreign direct investments ( FDIs) for the first nine months of this year, compared with only RM14 billion during the corresponding period in 2017.
“It’s about 350 per cent increment and it also shows that foreign investors have confidence in the new government and they will continue to invest.”
As the new PH government is undergoing institutional reforms, he emphasised that the reforms are geared towards a better control of government funds as the country has been plagued by corruption and fund leakages for the past few decades.
While commenting on the huge foreign labour in Malaysia, he shared that the slowdown in the country’s economy was also partly attributed to the huge amount of money remitted to other countries by foreign workers.
“There are lot of channels and avenues for the outflow of the fund from our economy to foreign countries. We have to stop (such scenario) gradually and keep the money in our economy.
“Although the federal government and the state government are from different sides of the political divide, I think we have one common goal; that is taking care of the welfare of all Malaysians including all Sarawakians,” he said.
On another note, he told the audience that it is also only through a vibrant and strong economy that the property market will continue to excel and prosper.
Chong Chieng Jen, Deputy Minister of Domestic Trade and Consumer Affairs