NEWS

Labuan Malay Chamber hails Budget 2020 as fiscal stimulus



Exclusive report by Jailani Hasan

LABUAN, Oct 16  --The Labuan Chamber of Malay Entrepreneurs ( DUML) has hailed the 2020 Budget presented by Finance Minister Lim Guan Eng, saying it is a massive piece of fiscal stimulus which would spur growth and employment in the country.

Its president Datuk Seri Mohd Alias Abd Rahman said the RM1.3 billion worth of jobs for existing and newly-registered Bumiputera contractors next year would help stimulate economic activity.

"We are quite certain the local contractors for whom jobs had long dried up will heave a sigh of relief with more jobs to bid for next year," he told Bernama today.

Lim, when presenting Budget 2020 last week, announced that existing and newly-registered Bumiputera contractors would get to bid for RM1.3 billion worth of government jobs dedicated solely for them next year.

Alias said the additional jobs for contractors would in turn provide more employment opportunities for the people.

"When both contract jobs and employment are created, it will boost economic activities and that will help change the economic outlook," he said.

Labuan Contractor G1 Association president Chemat Mustapha said as the government begins to implement economic reforms to ensure the nation’s well-being, the corporate and business community must be supportive.

He  said the focus should be on developing a private sector-driven economy rather than one that is dependent on government-linked companies (GLCs) and the public sector.

“More countries are looking at creating demand-driven economic activities and this role is played by the small and medium enterprises (SMEs) which contribute to our nation’s economic activities and create job opportunities,” he said.

Chemat said the higher volume of jobs bodes well for the construction sector as a whole because it translates into more jobs.

“This is good news to all our members, especially the smaller Class E and F contractors. Some of them suffered serious losses because of a lack of jobs,” he said. 

--BERNAMA

 





OTHER NEWS

Lim denies Sarawak neglected in Budget 2020

MIRI, Oct 27 -- Sarawak is among the states receiving the highest allocation under Budget 2020, said Finance Minister Lim Guan Eng.


Higher global growth forecast in tandem with Malaysia’s GDP projection

KUALA LUMPUR, Oct 18 -- The forecast improvement in global economic growth to 3.4 per cent next year from three per cent this year is in tandem with the country’s higher projected gross domestic product (GDP) expansion of 4.8 per cent from 4.7 per cent this year in the 2020 Budget, Finance Minister Lim Guan Eng said.


More incentives needed to build a sustainable nation - AIMS

KUALA LUMPUR, Oct 18 -- The government needs to look into providing incentives and exemptions for local players in the online and digital sectors to create a more competitive and conducive business environment.

HIGHLIGHTS


EXCLUSIVE


ECONOMIC REPORT

Selangor tables RM2.33 billion budget for 2020

SHAH ALAM, Nov 1 -- The Selangor government today tabled the 2020 Budget totalling RM2.33 billion based on five key strategies, said Menteri Besar Amirudin Shari.


Govt's focus in Budget 2020 is criticial in restoring trust, confidence in marketplace - ICDM

KUALA LUMPUR, Oct 12 -- The Government’s focus on strengthening institutions, governance and integrity is critical in restoring trust and confidence in the marketplace, Institute of Corp...


Budget 2020 addresses some pressing issues facing nation - KRI

KUALA LUMPUR, Oct 12 -- Khazanah Research Institute (KRI) says the 2020 Budget has addressed some pressing issues facing the nation, while driving growth and attaining long-term equi...


BNC LIVE


BUDGET SPEECH



© 2020 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy | Security Policy This material may not be published, broadcast,
rewritten or redistributed in any form except with the prior written permission of BERNAMA.

Best viewed in Firefox 58.0.1 (64-bit) & Chrome Version 63.0.3239.132 (Official Build) (64-bit) with 1920 x 1080 resolution