The president of the Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor (KLSCCCI), has called for immediate action to stem the increasing trend of skilled Malaysians seeking employment overseas.
Speaking at the Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) 78th annual general meeting on Sunday (Oct 13), Datuk Ng Yih Pyng emphasised that the brain drain is a serious concern, especially as Malaysia continues to attract significant foreign investments but struggles with a shortage of local skilled professionals.
Ng also called for additional funding in the Budget 2025 to support the growth of small and medium enterprises (SMEs), which are vital to Malaysia’s economy.
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Speaking at the Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) 78th annual general meeting on Sunday (Oct 13), Datuk Ng Yih Pyng emphasised that the brain drain is a serious concern, especially as Malaysia continues to attract significant foreign investments but struggles with a shortage of local skilled professionals.
Ng also called for additional funding in the Budget 2025 to support the growth of small and medium enterprises (SMEs), which are vital to Malaysia’s economy.
Read more at https://shorturl.at/XQH0v
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00Ladies and gentlemen, rising costs are also a significant challenge for businesses across
00:14various sectors.
00:16While the Government's decision to gradually reduce subsidies benefits people in the long
00:21term, it is important to carefully assess the impact, and offer relief measures when
00:27needed.
00:29For example, providing tax cuts and grants to SMEs can help ease financial pressures
00:36and promote job creation.
00:38SMEs are crucial to Malaysia's economy, driving innovation and providing jobs.
00:45We are thankful for the continuous Government support, and we call for increased grant support
00:51from the Government and relevant agencies.
00:56This will enable SMEs to invest in new technologies, expand operations, and remain competitive
01:03locally and globally.
01:06More grant opportunities will strengthen the resilience of this business, and stimulate
01:11national economic growth, ensuring SMEs continue to contribute significantly to Malaysia's
01:19prosperity.
01:21The SME Digitalisation Grant initiative is a prime example of effective support, helping
01:27many SMEs in their growth.
01:30We recommend additional funding in Budget 2025 to further dive digital integrations
01:36and boost efficiency.
01:38Establishing clear guidelines and a proper follow-through process will ensure these grants
01:44are accessible and utilised effectively.
01:48We urge the Government to enhance financing options and offer flexible loans, particularly
01:54for business in manufacturing and service, to better navigate economic challenges.
02:01We call on ongoing effort to create a supportive business environment that promotes investment,
02:07innovation and global competitiveness.
02:11Ladies and Gentlemen,
02:12While we have secured significant investment, we face a shortage of skilled professionals.
02:19We urge the Government to introduce incentives, such as tax breaks and work visas, to attract
02:25and retain talent.
02:27Last year, Bank Negara highlighted that nearly 500,000 Malaysians, mostly skilled professionals,
02:36are working overseas.
02:38To become a global leader in these high-tech industries, addressing this brain drain is
02:44crucial.
02:47With Malaysia set to chair the ASEAN Summit next year, we have a unique opportunity to
02:53explore the liberalisations of the labour market, especially in the critical sector,
03:00in the region and beyond.
03:02Through G2G arrangements, we can allow foreign graduates from Malaysian institutions to start
03:09their careers here, specifically addressing talent shortages in AI, cybersecurity and
03:16engineering.
03:18This initiative should focus on the roles that are challenging to fill, ensuring that
03:25our local talents are not sidelined.
03:28By granting work visas to foreign graduates in specialised areas, we can enhance our workforce
03:35and stimulate economic growth.
03:38Moreover, this move can positively impact our education sector, making it more appealing
03:44to international students by offering career opportunities after graduation.
03:50As we aim to develop our economy with limited manpower, utilising foreign talents educated
03:56in Malaysia is a sensible approach.
04:00This strategy not only tackles the brain drain, but also solidifies Malaysia's role as a hub
04:06for skilled professionals, promoting regional cooperation and advancement during our ASEAN
04:13leadership.