FMM hopes for a stronger ringgit in 2020

​The Federation of Malaysian Manufacturers (FMM) is banking on the Government to further strengthen the country's currency and capital market

The Federation of Malaysian Manufacturers (FMM) is banking on the Government to further strengthen the country's currency and capital market.

Its president, Tan Sri Soh Thian Lai, said an improvement “would bring down the cost of doing business here.”

"Bear in mind about 70 percent of the intermediary goods for the manufacturing sector are imported so we would like the government to help to strengthen the ringgit," he told reporters at the FMM Council swearing-in ceremony and dinner here today.

The event was graced by Finance Minister Lim Guan Eng.

Echoing Soh, immediate past president Tan Sri Dr Lim Wee Chai said the ringgit had appreciated against the US dollar from 4.2 to 4.1 over the past few weeks.

“However, there are also exporters within the (manufacturing) industry and other industries; hence a stable currency is the best solution for all. Not too strong and not too weak. I think the 3.8 to 4 range is the best level. Last time at 3.8, the ringgit was working very well for many sectors,” he said.

Soh said for 2020, FMM would try its best to improve the manufacturing sector, improve activities and to have more exports while bringing in more revenue.

Earlier in his opening remarks, Soh quipped: "Dear YB, you give us a good Budget, we give you good results” while pledging that FMM would improve employability in the country and, via technical and vocational education and training (TVET), uplift the B40 group towards high income status.

FMM also urged the government to reconsider pushing the Regional Comprehensive Economic Partnership, ASEAN-EU free trade agreement (FTA) or Malaysia-EU FTA and to relook at the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

Source: Bernama

Posted on : 09 January 2020
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Last Updated : Thursday 21st May 2020