ID :
27914
Sat, 11/01/2008 - 14:24
Auther :
Shortlink :
https://oananews.org//node/27914
The shortlink copeid
GOVT TO ANNOUNCE MORE MEASURES NEXT WEEK TO SUPPORT ECONOMIC GROWTH
GENTING HIGHLAND (Malaysia), Nov 1 (Bernama) -- The government will be announcing more measures under the financial stabilisation plan on November 4 during the Budget winding-up session in Parliament, to support economic growth, said deputy prime minister Najib Razak.
Najib, who is also Finance Minister, said the government will ensure that
the benefits of the measures will trickle down to all the businesses, especially
the small and medium enterprises (SMEs).
Najib said he will ask Bank Negara Malaysia (Malaysia's Central Bank) to
monitor loans to the SMEs.
"The government is determined to ensure their sustainable growth and
development, especially in light of the uncertainties brought about by the
current global financial turmoil," he said at the Golden Bull Award 2008 -- Gala
Award Presentation Ceremony here this evening.
Najib said SMEs were in a position to become a sustainable source of
comparative advantage, contributing to the competitiveness of even the large
companies which depend on the availability and competencies of home grown SMEs
in the delivery of their integrated supply, production and distribution
chains.
He said the global financial turmoil, triggered by the sub-prime fiasco in
the middle of 2007, has started to show its effects in the real economy.
Although the current economic situation in Malaysia is still regarded as
stable, Najib warned that a global financial meltdown will affect the
livelihoods of almost every business in an increasingly inter-connected
world.
He said the government has taken some pre-emptive moves such as the
guarantee of all deposits up to December 2010 and the injection of additional
RM5 billion into Valuecap for it to invest in undervalued companies.
Due to the external-led economic uncertainties, Najib said SMEs must be
cautious in every facet of their business operations to identify ways to
streamline processes, eliminate waste, consolidate activities and adopt new
technology and efficient processes.
"SMEs should also adopt best practices in their governance and risk
management process. They must have an aptitude for hard work and prudent
practices, the agility to adapt to changing conditions, perseverance and
entrepreneurial skills.
"These are the qualities that will enable SMEs to ride through the near
term
challenges and allow them to sustain, grow and enhance their contribution to our
economy," he said.
Najib said Malaysia was one of the top 20 trading nations and the 19th most
competitive country in the world according to the Switzerland-based Institute
for Management Development's World Competitiveness Yearbook 2008, moving up four
notches from the 23rd position in 2007.
A.T.Kearney's Annual Global Service Location has also ranked Malaysia as
among the top three attractive locations for off-shoring and outsourcing
services in 2005, 2006 and 2007.
"The challenge before us is to be more competitive in the global
environment, ensure our economy remains resilient and be able to emerge as an
integral component of the global economy. To achieve this, a sustainable and
resilient SME sector is a must," he added.
Najib, who is also Finance Minister, said the government will ensure that
the benefits of the measures will trickle down to all the businesses, especially
the small and medium enterprises (SMEs).
Najib said he will ask Bank Negara Malaysia (Malaysia's Central Bank) to
monitor loans to the SMEs.
"The government is determined to ensure their sustainable growth and
development, especially in light of the uncertainties brought about by the
current global financial turmoil," he said at the Golden Bull Award 2008 -- Gala
Award Presentation Ceremony here this evening.
Najib said SMEs were in a position to become a sustainable source of
comparative advantage, contributing to the competitiveness of even the large
companies which depend on the availability and competencies of home grown SMEs
in the delivery of their integrated supply, production and distribution
chains.
He said the global financial turmoil, triggered by the sub-prime fiasco in
the middle of 2007, has started to show its effects in the real economy.
Although the current economic situation in Malaysia is still regarded as
stable, Najib warned that a global financial meltdown will affect the
livelihoods of almost every business in an increasingly inter-connected
world.
He said the government has taken some pre-emptive moves such as the
guarantee of all deposits up to December 2010 and the injection of additional
RM5 billion into Valuecap for it to invest in undervalued companies.
Due to the external-led economic uncertainties, Najib said SMEs must be
cautious in every facet of their business operations to identify ways to
streamline processes, eliminate waste, consolidate activities and adopt new
technology and efficient processes.
"SMEs should also adopt best practices in their governance and risk
management process. They must have an aptitude for hard work and prudent
practices, the agility to adapt to changing conditions, perseverance and
entrepreneurial skills.
"These are the qualities that will enable SMEs to ride through the near
term
challenges and allow them to sustain, grow and enhance their contribution to our
economy," he said.
Najib said Malaysia was one of the top 20 trading nations and the 19th most
competitive country in the world according to the Switzerland-based Institute
for Management Development's World Competitiveness Yearbook 2008, moving up four
notches from the 23rd position in 2007.
A.T.Kearney's Annual Global Service Location has also ranked Malaysia as
among the top three attractive locations for off-shoring and outsourcing
services in 2005, 2006 and 2007.
"The challenge before us is to be more competitive in the global
environment, ensure our economy remains resilient and be able to emerge as an
integral component of the global economy. To achieve this, a sustainable and
resilient SME sector is a must," he added.
