{"id":3774,"date":"2020-05-03T06:48:59","date_gmt":"2020-05-02T22:48:59","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=3774"},"modified":"2020-05-03T06:48:59","modified_gmt":"2020-05-02T22:48:59","slug":"reopening-of-economic-sectors-will-have-positive-impact-on-economy","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=3774","title":{"rendered":"Reopening of economic sectors will have positive impact on economy"},"content":{"rendered":"
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KUALA LUMPUR, May 2 — The International Trade and Industry Ministry (MITI) has welcomed Prime Minister Tan Sri Muhyiddin Yassin\u2019s announcement to allow almost all economic sectors to resume operations starting Monday.<\/p>\n

Its minister\u00a0Datuk Seri Mohamed Azmin Ali said the reopening of the economic sectors would contribute to the gross domestic product growth, domestic\u00a0and foreign direct investment, better export\u00a0prospects, and the continuity of the small and medium enterprises (SMEs) as well as job sustainability.<\/p>\n

“The government’s decisions will have a positive impact on the country’s economy and the well-being of the people. If the government does not take this step, there will be a decline\u00a0in the nation’s\u00a0income, economic growth will stagnate while businesses, as well as individual income, will be affected, in fact, most businesses will have to close down.<\/p>\n<\/div>\n

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“The Prime Minister has stressed\u00a0if the Movement Control Order (MCO) continues for another month, the country’s Gross Domestic Product (GDP) will record a loss of RM35 billion. The\u00a0total loss will amount\u00a0to\u00a0RM98 billion.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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“The decrease in the value of export in the manufacturing sector alone is estimated at RM32 billion for every two weeks of the MCO,”\u00a0he said in a statement today.<\/p>\n

Mohamed Azmin said the government made the\u00a0decision after careful, cautious\u00a0and responsible deliberations based on the data and studies on the country’s current health and economic situation.<\/p>\n<\/div>\n

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Consideration was also made based on the World Health Organization’s (WHO) benchmark of security, movement control, the capability of the health system, ability to protect high-risk individuals, adopt new normal\u00a0and the capability to implement preventive measures in the community, he said.<\/p>\n<\/div>\n

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\u00a0The government said Mohamed Azmin,\u00a0hoped with the opening of these economic sectors, the business community, in particular, the SMEs would be able to revive their business, strengthen\u00a0cash flow, rebuild the supply chain and address the risk of losing the export market (reshoring).<\/p>\n

“Currently, the SMEs contributed 66 per cent of the workforce in Malaysia, so the government’s actions will surely guarantee continued employment and workers income,”\u00a0he said.<\/p>\n<\/div>\n

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In implementing the economic recovery strategy, the business community need to adapt to new practices.<\/p>\n

For companies that are heavily dependent on labour, they need\u00a0to reduce their dependence and focus more on automation and the use of technology said Mohamed Azmin.<\/p>\n

“In addition, the digitisation process should also be accelerated to reduce human contact within business premises. Digitisation is not another option but a necessity for long-term business continuity.<\/p>\n

“Over the past few months, the use of digital communications has helped to ease the way people communicate, it has helped transform the country into a digital economy\u00a0and in addition, organisations have been able to tap into the potential of Artificial Intelligence (AI) and the Internet of Things (IoT), ” he said.<\/p>\n

For companies that have to rely on labour, Mohamed Azmin urged them\u00a0not to neglect workers protection, including their health, hygiene and safety issues.<\/p>\n

Employers and workers are also encouraged to download MySejahtera and Mytrace applications for contact tracing, he said.<\/p>\n

The economic sector which will start operating this coming Monday and the minister said, it must comply with the Standard Operating Procedure (SOP) set for each industry and reminded that failure to comply is an offence and may be subject to legal action.<\/p>\n

“It should be emphasised,\u00a0the government will not hesitate to implement the Enhanced Movement Control Order (EMCO)\u00a0in the event of a sudden spike\u00a0of new cases in any area,”\u00a0he said.<\/p>\n

To ensure effective compliance with the SOP, the federal and state enforcement agencies will implement a comprehensive and stringent enforcement.<\/p>\n

Mohamed Azmin said\u00a0this effort will need to involve ‘self-enforcement’ by each ministry and also ‘community enforcement’\u00a0to ensure the health and safety of the people.<\/p>\n

“The government hopes everyone including entrepreneurs\u00a0and employers allowed to operate will be able to adapt to new normals, especially in complying\u00a0with social distancing, personal hygiene at\u00a0workplaces as well\u00a0guidelines which are set\u00a0from time to time,”\u00a0he added.<\/p>\n

– BERNAMA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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