UOB Malaysia lauds measures to boost competitiveness, cut cost of doing business
15 Oct 2023
Budget 2024 is a pro-growth budget that strikes a fine balance between ensuring sufficient support for the domestic economy amid continued external challenges, while staying committed to fiscal prudence and enhancing the people’s well-being, according to UOB Malaysia CEO Ng Wei Wei.
She said the measures announced such as the reinvestment incentives for high-value activities under the New Industrial Master Plan 2030, tax incentives for global services hub, expansion of green technology tax incentives and tax deductions for Voluntary Carbon Market will help strengthen the economy and pave the way for macro stability in the medium to long term.
“We welcome the measures to improve Malaysia’s competitiveness and ease the cost of doing business, which will spur high-impact investments in the targeted sectors. These will help elevate foreign direct investments (FDI), broaden domestic linkages, spur industrial development and reinforce Malaysia’s diversified economic structure. As a regional bank with a strong presence in Asean, UOB will continue to leverage our connectivity to facilitate more FDI to support Malaysia’s economic growth,” said Ng.
As a key proponent of the sustainability agenda, she added, they are heartened by the measures announced in Budget 2024 which reinforce the government’s strong commitment to net zero. The RM2 billion funds under the Dana Mudah Cara Peralihan Tenaga Negara, additional tax cuts of up to RM300,000 for Measurement, Reporting and Verification expenses relating to the development of carbon projects are positive moves to build a green economy for a sustainable future.
Further efforts to boost development of electric vehicles and installation of solar panels in the budget is also in line with UOB’s focus to encourage low-carbon lifestyles, she added.
Source: The Sun Daily