Revised Budget 2023 ensures inclusive growth for individuals and corporates, says KRI and ICDM

KUALA LUMPUR (Feb 24): The revised Budget 2023 enables inclusive and sustainable economic growth, instils confidence through institutional and governance reforms, as well as advance social justice, said Khazanah Research Institute (KRI).

In a statement on Friday (Feb 24), the think tank said the government made initiatives to improve household income of various groups which reflects the concept of prosperity for all.

“A total of RM40 billion in grants and loans for MSME (micro, small and medium enterprise) business development, as well as additional financing for MSME digitalisation and automation should enable Malaysian businesses to remain resilient and competitive,” said KRI chairman Tan Sri Nor Mohamed Yakcop.

Initiatives such as targeted financing of RM1.5 billion by government-linked companies (GLCs) for high impact and high growth start-ups will create an innovation-based economy.

Meanwhile, Institute of Corporate Directors Malaysia (ICDM) in a statement said the government’s apparent values-driven approach provides companies and businesses with clear signals on how they need to evolve and ultimately be successful commercially.

In particular, the revised Budget 2023’s priority on green practices, Islamic finance and innovation reflects a values-driven focus and approach in rebuilding, and at the same time, future-proofing Malaysia’s economy for the rakyat.

“The emphasis on driving business sustainability across the ecosystem, starting with Shariah and ethical financing as a catalyst for driving the right behaviours in business and investments will be a strong factor for companies to continue to invest and operate in Malaysia, as well as to attract greater investments from abroad — be it new or recurring,” said ICDM CEO Michele Kythe Lim.

She added ICDM will support the upskilling of talent within the business ecosystem with the goal of enhancing competency and building capacity for a more robust and stronger corporate Malaysia.

Get our comprehensive coverage of the revised Budget 2023 here.

This article was first published in VNExplorer on 25 February 2023.