XINHUA – Malaysia should guard against complacency due to the potential impacts of new trade policies implemented by major economies, according to a Malaysian business group.
The government is also urged to shore up local businesses, particularly micro, small and medium enterprises (MSMEs), through an export credit scheme and lower import duties on raw materials, said President of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Ng Yi Pyng in his speech at the chamber’s Chinese New Year reception on Monday.
“Domestic businesses, manufacturers and exporters have to brace for disruptive trade and economic policy in the external business environment,” he said.
“Malaysia should guard against complacency due to the potential impacts of new trade policies implemented by major economies,” he said, adding that the government should provide more support to MSMEs in exploring new export markets and diversifying supply chains.
Ng also noted the positive strides made towards diversified trading networks, including Malaysia’s signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the revival of talks on a Malaysia-European Union Free Trade Agreement.
He added that the ACCCIM will continue to play its role as a vital bridge between the business community and the government, while prioritising the needs and interests of local businesses.
