00:00Ladies and gentlemen, rising costs are also a significant challenge for businesses across
00:14various sectors.
00:16While the Government's decision to gradually reduce subsidies benefits people in the long
00:21term, it is important to carefully assess the impact, and offer relief measures when
00:27needed.
00:29For example, providing tax cuts and grants to SMEs can help ease financial pressures
00:36and promote job creation.
00:38SMEs are crucial to Malaysia's economy, driving innovation and providing jobs.
00:45We are thankful for the continuous Government support, and we call for increased grant support
00:51from the Government and relevant agencies.
00:56This will enable SMEs to invest in new technologies, expand operations, and remain competitive
01:03locally and globally.
01:06More grant opportunities will strengthen the resilience of this business, and stimulate
01:11national economic growth, ensuring SMEs continue to contribute significantly to Malaysia's
01:19prosperity.
01:21The SME Digitalisation Grant initiative is a prime example of effective support, helping
01:27many SMEs in their growth.
01:30We recommend additional funding in Budget 2025 to further dive digital integrations
01:36and boost efficiency.
01:38Establishing clear guidelines and a proper follow-through process will ensure these grants
01:44are accessible and utilised effectively.
01:48We urge the Government to enhance financing options and offer flexible loans, particularly
01:54for business in manufacturing and service, to better navigate economic challenges.
02:01We call on ongoing effort to create a supportive business environment that promotes investment,
02:07innovation and global competitiveness.
02:11Ladies and Gentlemen,
02:12While we have secured significant investment, we face a shortage of skilled professionals.
02:19We urge the Government to introduce incentives, such as tax breaks and work visas, to attract
02:25and retain talent.
02:27Last year, Bank Negara highlighted that nearly 500,000 Malaysians, mostly skilled professionals,
02:36are working overseas.
02:38To become a global leader in these high-tech industries, addressing this brain drain is
02:44crucial.
02:47With Malaysia set to chair the ASEAN Summit next year, we have a unique opportunity to
02:53explore the liberalisations of the labour market, especially in the critical sector,
03:00in the region and beyond.
03:02Through G2G arrangements, we can allow foreign graduates from Malaysian institutions to start
03:09their careers here, specifically addressing talent shortages in AI, cybersecurity and
03:16engineering.
03:18This initiative should focus on the roles that are challenging to fill, ensuring that
03:25our local talents are not sidelined.
03:28By granting work visas to foreign graduates in specialised areas, we can enhance our workforce
03:35and stimulate economic growth.
03:38Moreover, this move can positively impact our education sector, making it more appealing
03:44to international students by offering career opportunities after graduation.
03:50As we aim to develop our economy with limited manpower, utilising foreign talents educated
03:56in Malaysia is a sensible approach.
04:00This strategy not only tackles the brain drain, but also solidifies Malaysia's role as a hub
04:06for skilled professionals, promoting regional cooperation and advancement during our ASEAN
04:13leadership.
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