Selangor Journal
Deputy Finance Minister II Steven Sim Chee Keong speaks during the dialogue session at the 2024 Budget Roadshow in Selangor, in the State Secretariat Building, Shah Alam, on September 21, 2023. — Picture by NUR ADIBAH AHMAD IZAM/SELANGORKINI

Selangor a frontline state for Malaysian economy, says Deputy Finance Minister

By Yasmin Ramlan 

SHAH ALAM, Sept 21 — Selangor is regarded as being at the forefront of Malaysia’s economy due to its ability to benefit from and contribute to some of the economic models established by the Federal government, says Deputy Finance Minister II Steven Sim Chee Keong. 

Touching on the New Industrial Master Plan (NIMP) 2030 and the National Energy Transition Roadmap (NETR) under the Madani Economy framework, he said the plans will create RM2 trillion worth of business opportunities through various projects until the year 2050.

The NETR and NIMP are the two strategic Federal plans where the former aims to achieve net zero carbon emissions by 2050, and the latter is designed to drive Malaysia into a high-tech and industrialised nation. 

“… Selangor has the greatest potential to benefit from and contribute to the plans.

“It is a frontline state for the national economy. I wish to congratulate the state government and the Menteri Besar’s leadership,” Sim said in his speech at the Budget 2024 Roadshow in Selangor, held at the State Secretariat Building earlier today.

Earlier in his speech, the deputy minister explained how the government under the leadership of Prime Minister Datuk Seri Anwar Ibrahim will bring Malaysia’s economy back on track via its plans and strategies. 

He reiterated the Federal government’s aim to push the national economy up from 37th in 2022 to be among the 12th best economies in the world within a decade.

To promote economic growth, one of the strategies is to increase the salary share ratio for Malaysians to 45 per cent.

“The future of employees and employers relies on each other. The employers aim to increase their profits, and the government will assist them. 

“(But) once they are successful, have access to government grants, and are successful abroad, if we fail to pay better wages to our employees, then we will face a shortage of skilled workers in the country because companies in Singapore are competing with us (offering better salary to Malaysians). So, it is not about win or lose,” Sim said.

He was referring to the concerns expressed by employers following Anwar’s announcement of the proposed Progressive Salary Policy last month. 

Last month, the Prime Minister said the policy was discussed at the National Economic Action Council (NEAC) meeting as a turn toward job market recovery to ensure the wage increase is more consistent and evenly distributed. 

The policy model was proposed after NEAC had considered the views and interests of employers and employees.

He said according to the First Quarter 2023 Workers’ Wage Statistics Report (Formal Sector), over two million Malaysian workers earn less than RM2,000 a month.

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