ACCCIM: Businessmen upbeat over country’s economy
KUALA LUMPUR: A survey has shown that businessmen appear to be increasingly optimistic about the country’s economic outlook this year, says ACCCIM president Tan Sri Ter Leong Yap (pic).
The Associated Chinese Chambers of Commerce and Industry in Malaysia’s (ACCCIM) survey report on the economic situation in Malaysia for the second half of 2017 showed that 55% of the respondents were optimistic about the economy in 2018.
The general outlook for the coming years was also encouraging, with the percentage increasing to 63% and 71% for 2019 and 2020 respectively, said Ter.
He added that among the key areas of interest were the developments of the Fourth Industrial Revolution (IT 4.0) and digital economy, including the country’s Digital Free Trade Zone (DFTZ).
“Most respondents are positive towards the development of the latest information and communication technology, and are actively exploring this area to keep pace with developments.
“However, some are relatively ignorant about IR 4.0 with about half of the respondents saying they do not understand how it will impact future business models.
“We are of the view that there is an absence of a platform for the business community to gain a deeper insight on the impact and benefits of IR 4.0,” he told a press conference at Wisma Chinese Chamber here yesterday.
Ter added that the chambers of commerce and relevant authorities should work together to disseminate information about IR 4.0.
The ACCCIM survey also included questionnaires related to the Employment Insurance System (EIS).
Ter said while most ACCCIM mem- bers were aware of the Government’s need to implement the EIS, some were unaware of its objectives and benefits.
He said ACCCIM was prepared to work with the Social Security Organisation (Socso) to educate and explain the system to both the employers and employees.
“Looking forward, the global economy is expected to continue to grow steadily. The Government has also announced business-friendly incentives in Budget 2018 in its effort to optimise the overall business environment, especially the significant importance placed on the development of SMEs.
“We hope that our members and the business community would seize the right timing and proactively seek opportunities.
“It is also vital for us to continue with our good relationship with China and the rest of the world in terms of international trade and bringing in foreign direct investment (FDI),” said Ter.
ACCCIM has engaged 390 respondents for the survey, comprising sectors such as wholesale and retail trade (22.6%), manufacturing (21%), professional and business services (16.2%), construction (8.5%), tourism, shopping, hotels, restaurants, recreation and entertainment (8.2%), transportation, forwarding and warehousing (5.1%), real estate (4.4%) and finance and insurance (4.1%).