KOTA KINABALU: The Kota Kinabalu Chinese Chamber of Commerce & Industry (KKCCCI) , Datuk Michael Lui Yen Sang welcomed the announcement on the Budget 2015 revision including government’s spending cut and delaying some development projects as planned earlier.
Its president Datuk Michael Lui Yen Sang said indeed, the government would execute more prudent spending in procurement, supplies and services, events and usage of professional services which are estimated to save approximately RM16 million.
He was commenting on the latest budget adjustment unveiled by Prime Minister Datuk Seri Najib Tun Razak on Tuesday in the wake of recent sharp fall on global crude oil prices and weakening of ringgit currency exchange.
However, he expressed surprise for some of the adjustments outlined in the Budget 2015’s revision.
Michael also lauded the postponement of electricity tariff hike this year because the welfare of the rakyat should not be compromised at this critical time.
He cited that some measures are generally good for the domestic economic growth including promotion of locally-made products, increase frequency and extended shopping hours of nationwide mega sale carnivals, promotion of competitive airfares among others.
However, he remained cautious over some of the big scale infrastructure developments which are still yet to be kicked off.
Separately, Michael expressed his disappointment over the government’s proposal on waiver of visa fee only applicable to China tourists.
“Instead of visa fee waive, the government should grant visa exemption for China tourists. Granting visa exemption on foreign tourists is one of the effective measures to mitigate the sharp fall on the nation’s oil revenue after the fall of global crude oil prices to RM55 per barrel,” he said.
He said that local tourism industry would be significantly accelerated with the implementation of visa exemption on foreign tourists.