Najib (sixth left) take a group photo during the launch of the NCCIM Economic Forum 2017 yesterday. Also present are International Trade and Industry Minister, Datuk Seri Mustapa Mohamed (fifth left) and Ter (fourth right). — Bernama photo
KUALA LUMPUR: Reassessing the Employer Mandatory Commitment (EMC) and foreign worker permit issues are among the National Chamber of Commerce and Industry of Malaysia’s (NCCIM) wishlist for the upcoming 2018 Budget.
President Datuk Ter Leong Yap said the NCCIM hoped the government would also consider reducing the corporate income tax, address the high costs of doing business and review the Employment Insurance System (EIS).
“In addition, appropriate incentives including capital allowances should be granted to promote innovations, digital technology adoption and e-commerce,” he said at the opening of the NCCIM Economic Forum 2017 yesterday.
The forum was officiated by the Prime Minister Datuk Seri Najib Tun Razak.
Ter said the future economy would be driven by technology and innovation as continuous evolution radically changed the way of doing business.
“What we used to perceive as impossible? is now becoming reality. These mega trends will have both disruptive and opportunistic impact on everything we do,” he said.
He said as the world is experiencing the Fourth Industrial Revolution now, factories are adopting smart manufacturing ecosystems driven by new technologies such as Internet of Things, Analysis of Things, Artificial Intelligence, Cloud Computing, Big Data Analytics and Predictive Analytics.
“Smarter, faster and more efficient industrial robots are transforming the world of manufacturing,” he said.
He added that it was a wake-up call for Malaysian businesses to re-engineer their business model to suit the rapid technology diffusion and it was no longer considered as “optional extra” if they wanted to stay ahead of the competition.
Themed “Imagineering: Faster, Smarter, Better”, the one-day forum discussed insights that allow participants to gain better understanding of the new borderlands and limitless global business landscape. — Bernama