Budget 2018: CIMB hopes for govt focus on digital and knowledge economy, SMEs

KUALA LUMPUR: Integrated banking group, CIMB, is hoping for the government to emphasise the digital and knowledge economy, as well as small and medium enterprises (SMEs) in the upcoming 2018 Budget.
Group Chief Executive Officer, Tengku Datuk Sri Zafrul Aziz Tengku Abdul Aziz said this is in continuation of the previous budget, as well as the government’s ongoing efforts at improving the SME sector.
"The government recently launched policies surrounding innovation and creativity, especially for the SMEs," he told reporters on the sidelines of the Khazanah Megatrends Forum 2017, here, today.
He said the financial sector, as a strong industry, needs to play a bigger role in developing SMEs, especially in terms of innovation and expansion into the region.
He said apart from the economy, the government is expected to table a budget to look after the welfare of the bottom 40% (B40) and middle 40% (M40) household income earners.
"Looking at the higher cost of living and housing, I think these are the areas the government should be focusing on," he added.
Meanwhile, Tengku Zafrul Aziz said CIMB is upbeat on Malaysia's gross domestic product (GDP) growth, underpinned by the strengthening of oil prices, as well as an improvement in the overall economy.
"The industry as a whole was surprised at the good GDP performance in the first half of the year. CIMB has upgraded Malaysia's GDP growth forecast to 5.3% for this year from an initial projection of 4.9%,’ he added.
The two-day forum, themed, "Cerebrum vs Algorithm: Building True Value in a Post Truth World", has attracted nearly a thousand participants, comprising local and foreign corporate leaders, policy-makers, academics, non-governmental organisations and civil society practitioners. — Bernama