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Budget 2016 Prudent, Balanced & People-Friendly

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KUALA LUMPUR – Budget 2016 presented by Prime MinisterDatuk Seri Najib Tun Razak is a prudent, balanced and people-friendly budget which addresses the people’s concerns, said Datuk Seri Mustapa Mohamed.

The Minister of International Trade and Industry (MITI) said the concerns included rising cost of living, enhancing competitiveness of small and mediumenterprises (SMEs) and nurturing the well-being of the rakyat.

“Following the momentum of the increasing inflow of foreign direct investment, Budget 2016 continues to introduce new measures to ensure Malaysia remains attractive to investors.

“A total of RM1.914 billion has been allocated to MITI to implement the programmes under this budget. Out of this, RM539.2 million are for operating expenditure and RM1.375 billion for development expenditure,” he said in a statement today.

He added that among the incentives to promote private investments included the Independent Conformity Assesment Bodies (ICAB).

ICAB is intended to strengthen the ecosystem of testing, validation and certification processes led by SIRIM Bhd in which the proposed activities are critical to the industry but may not be avalaible in Malaysia.

“At present, it is estimated that there are over 600 laboratory tests in Malaysia, out of which more than 80 per cent are small and unable to provide testing services to the proposed sectors,” said Mustapa.

The sectors includes machinery and equipment, electrical and electronics, chemical, food, aerospace and medical devices.

Total exports of these industries increased from RM323.5 billion in 2010 to RM354.1 billion in 2014.

As of August 2015, the total exports of these sectors reached RM247.7 billion. – BERNAMA

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