ACCCIM survey news (3) September 5, 2007Posted by elizabethwong in Current Affairs, Democracy, Economy, Huh?!, Malaysia, Note2Self, Politics, Race Relations.
(ACCCIM SURVEY REPORT ON ECONOMIC SITUATION OF MALAYSIA, H1 2007)
September 03, 2007 20:28 PM
ACCCIM Expects Second Half Of 2007 To Be More Challenging
KUALA LUMPUR, Sept 3 (Bernama) — The second half of 2007 is expected to be more challenging following the current volatility of the stock market globally, which has influenced the direction of Asian bourses, including Malaysia, according to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
However, its president Tan Sri William Cheng said today the association remained optimistic on the outlook for the remaining months as several projects under the Ninth Malaysia Plan have yet to be implemented.
This, he said, would create an impetus for industry players, especially with the current situation in the United States subprime mortgage market which caused a downtrend in the Asian bourses.
“As the Ninth Malaysia Plan entered its mid-term, there are still many projects which have yet to be unveiled by the government. This will create opportunities for further growth domestically,” he added.
According to ACCCIM’s survey on the country’s economic situation for the first half of this year, the Chinese business community is becoming less optimistic about the economic outlook for the second half of 2007.
Out of 256 respondents, 17 percent of them indicated that their local sales are likely to increase for the six months while 20 percent expects local sales to fall.
Overall, the businessmen are cautious about the domestic sales and export sales performance in the months ahead, the survey said.
Cheng said with government’s efforts in launching several mega projects like the Iskandar Development Region (IDR) and Northern Corridor Economic Region (NCER), there was a need to speed up the implementation to ensure faster growth.
He said all government departments needed to cooperate and expeditiously implement the Pemudah’s measures to reduce red tape as well as to promote foreign direct investments to Malaysia.
Pemudah, the task force set up in February this year to facilitate business, has been effective in assisting the government to enhance efficiency of the public delivery system.