Mohd Shahar (right) writes down suggestions from one of the participants at the dialogue.
SIBU (Sept 6): The inflation rate in Malaysia remains under control, especially following the implementation of price control measures and provisions of subsidies by the government, said Deputy Minister of Finance I Dato Mohd Shahar Abdullah.
He said for the first six months of 2022, the country recorded an inflation rate of 2.5 per cent.
“This rate is much lower than the rate in other countries, especially among developed countries such as the United States and United Kingdom which reached 9 per cent, while other countries in the Asean region such as Thailand, Philippines and Singapore reached over 6 per cent,” he said during the 2023 Budget Management Engagement session.
The session was with the Associateed Chinese Chamber of Commerce and Industry of Sarawak (ACCCIS) on Tuesday and saw a total of 35 representatives from various Sibu Chinese business sectors and industrial associations attend.
The session was initiated by the Ministry of Finance in an effort to get views and suggestions from the people and the local industry players on their expectations from the Budget 2023.
Mohd Shahar also expressed his hope the Malaysian economy will continue to grow with the reopening of the economy and international borders.
“I hope through this engagement session and exchange of ideas that ACCCIS will better understand the latest developments in Budget 2023 and come up with investment opportunities,” he said.
He added to ensure the momentum of the country’s economic growth, the government’s 2023 Budget is focused on reform initiatives aimed at increasing the people’s well-being.
“These efforts include increasing income and social protection; business competitiveness and related value chains; and strengthening the country’s resilience against future shocks.”
On ACCCIS, he said it has played an important role in bringing new technology and training young people with special talents to attract more investment for Sibu’s overall progress.
“I understand ACCCIS is the highest representative organization of Chinese businessmen in Sibu so from what I can see, it has successfully bridged the Chamber of Commerce and government through pragmatic and forward-looking development and long-term plans,” he said.