2020 Budget strives to balance immediate and medium term needs: Banks

12 Oct 2019 / 10:26 H.

KUALA LUMPUR: The Malayan Banking Bhd (Maybank) group president and chief executive officer Datuk Abdul Farid Alias (pix) has described the 2020 Budget tabled today as a balance between the immediate and medium-term needs of the country.

He said the array of customised incentives to stimulate investments and develop enabling infrastructure for 5G technology and Industry 4.0 has shown the government’s commitment to accelerate economic growth.

There was also an initiative to encourage the small and medium enterprises (SME) sector to digitise their operations, he said.

“Perhaps what we can add in this area is an effort to re-skill the workforce, and to curate an environment where an evolution towards digital immersion will not just be allowed but encouraged.

“We are glad to see the objective to maintain fiscal discipline. It is important to do this during the times when we can do so, so in the times when we do not have much choice we will still have other tools at our disposal,“ said Abdul Farid who also the Association of Banks in Malaysia chairman in a statement today.

Meanwhile, Public Bank Bhd ‘s founder Tan Sri Dr Teh Hong Piow applauded the government for taking a holistic and comprehensive approach in crafting the 2020 Budget.

The budget he said had outlined a wide range of initiatives, action plans, fiscal measures and incentives to address the challenges that Malaysia is facing.

The challenges according to him include setting the new growth direction, intensifying growth momentum, addressing the high cost of living and increasing the income level of the Rakyat.

The government was also cognisant about driving growth in the new economy and digital era, he said.

“We welcome the measures to make Malaysia as a preferred destination for investment, accelerating the digital economy, enhancing access to financing for businesses as well as strengthening the diversity of the Malaysian economy,” he said. — Bernama

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