PETALING JAYA, May 9 (Bernama) – The National Chamber of Commerce and Industry (NCCIM) has urged the government to diligently implement and execute all proposed policies and initiatives in a clear, uniform and consistent manner.

Its president Tan Sri Soh Thian Lai said the government should also work with other jurisdictions to deepen international cooperation, address global vulnerabilities and promote multilateral trade.

He said the government must have a clear, long-term policy concept, such as the Progressive Wages Policy (PWP) and the Minimum Wages Policy.

“After testing 1,000 companies in a pilot implementation (PIP), will the government adopt this policy and what will be the criteria and measures to help small and medium-sized enterprises (SMEs)?

“What is the government’s position on the minimum wage? And how would SMEs survive when current poor profitability and increased operational costs burden their businesses?” Soh told reporters at the National Economic Forum (NEF) 2024 on the theme “Strategic Innovation and Global Alliances: Bringing Malaysia to the forefront of the global economy.”

In his opening remarks, Soh said the rapid pace of technological disruption, characterized by advances in artificial intelligence, automation and digitalization, offers both opportunities for increased productivity and obstacles to traditional industries and labor markets.

He said research and development, cultivating an entrepreneurial culture and leveraging new technologies can help business owners unlock their full potential and achieve sustainable and inclusive growth.

However, he said the adoption of technology and digital innovations have made businesses vulnerable to cyber attacks.

“The interconnectedness of global markets exposes us to risks from external shocks and economic fluctuations.

“This highlights the urgent need for innovative solutions and responsible resource management,” he added.


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