Foo (12th right), Wong (13th right) and others jointly cutting the anniversary cake.
KOTA KINABALU: Tyre dealers are urged to brace themselves against the imminent economic slump caused by the trade war between the United States (US) and China.
The Malaysia Association of Tyre Retreaders and Dealers Societies president Foo Chong Seng said the US-China trade war was bound to affect the global economy.
“In the next few months, we will begin to feel the slowdown in economy.
“We must be well-prepared for the coming economic downturn because the effects may be as serious as the recession in 1997 and 2008,” he warned when gracing the 28th anniversary celebration of the Sabah West Coast, Kudat and Interior Residencies Tyre Dealers’ Association here on Saturday.
He also emphasized the need for tyre dealers to keep up with changing trends or else they would lose their competitiveness and be replaced.
Foo said industry players should embrace the move towards cashless society and e-commerce in their businesses.
“We have to tap into the Internet to promote and sell our products,” he said, adding that tyre dealers must refrain from engaging in price wars.
He also suggested for smaller dealers who had financial constraints to buy in bulk with their peers.
On another note, Foo commended Sabah West Coast, Kudat and Interior Residencies Tyre Dealers’ Association president Candy Wong for her contribution to the Malaysia Association of Tyre Retreaders and Dealers Societies in the past few years.
Meanwhile, Wong said Malaysia was not spared from the global economic slowdown and United States-China trade war.
She hoped that the new government’s 2019 budget would offer light at the end of the tunnel for tyre dealers.
On another note, Wong said the association comprised over 80 members from the west coast, Kudat, Papar, Beaufort, Tambunan, Keningau, Tenom and other parts of Sabah.
At the event, she urged the children of existing members to join the association so that they could succeed the leadership of the association in the future.
Also present was Sabah West Coast, Kudat and Interior Residencies Tyre Dealers’ Association vice president cum organizing chairman David Wong.