Unveiled by the Finance Minister Lim Guan Eng on Oct 11, Malaysia’s 2020 budget is focused on driving growth and unbiased outcomes towards the ‘Shared Prosperity Vision 2030’.
In this regard, an InterChamber event was organized by the Belgium Luxemborg, Irish, Finnish and Danish chambers on 15th of November’19 at Nordic House, Kuala Lumpur in which renowned economist Prof. Dr. Yeah Kim Leng from Sunway University delivered a talk sharing key insights of the budget from a macro economic perspective.
“This is a very good event for SMEs to fully understand how to leverage on the Government’s Budget 2020 plans that has a lot to offer to SMEs. A must go event!” exclaimed Ms. Pauline Goh, Director-Alliances, InvestKL Corporation.
The event was attended by InterChamber members and other corporate dignitaries. It provided the perfect opportunity for everyone to not only network after work hours but also unwind with a stunning roof top view and connect over drinks and scrumptious food from Ra.Ft Café.
The breathtaking view of the Twin Towers from the venue offered the perfect setting for guests to catch up with old friends and make new connections.
Chairman Allan Jensen welcoming Professor Yeah Kim Leng to enlighten the members of the Nordic councils and chambers with key budget insights.
Prof. Yeah started the discussion with a brief introduction into the economic and fiscal landscape of Malaysia. According to him, the budget focusses on initiatives which are aimed not only at responding to the sluggish global economic environment but also engineering the country towards digital transformation, while establishing an inclusive social safety net for everybody.
The GDP growth is forecasted at 4.8% for 2020, marginally higher than the previous two years, whereas inflation is expected to increase to 2% in 2020. Prof. Yeah indicated that the government is looking forward to improving its status as a destination of choice for foreign firms keen on investing in Malaysia. The budget also revealed its intention to provide tax incentive and support to the SMEs. He was of the opinion that the government crafted the budget with the assumption that it will boost the economic growth of the country.
For the interest of our readers, the focus of this article will be on the implication of Budget 2020 on the Small and Medium Enterprises (SMEs).