Budget 2024 is a pro-growth budget that strikes a fine balance between ensuring sufficient support for the domestic economy amid continued external challenges, while staying committed to fiscal prudence and enhancing the people’s well-being.
Ng Wei Wei, Chief Executive Officer, UOB Malaysia said the measures announced such as the reinvestment incentives for high-value activities under the New Industrial Master Plan 2030, tax incentives for Global Services Hub, expansion of green technology tax incentives, and tax deductions for Voluntary Carbon Market will help strengthen the economy and pave the way for macro stability in the medium to long term.
“We welcome the measures to improve Malaysia’s competitiveness and ease the cost of doing business, which will spur high-impact investments in the targeted sectors. These will help elevate foreign direct investments (FDI), broaden domestic linkages, spur industrial development and reinforce Malaysia’s diversified economic structure. As a regional bank with a strong presence in ASEAN, UOB will continue to leverage our connectivity to facilitate more FDI to support Malaysia’s economic growth.”
As a key proponent of the sustainability agenda, UOB is heartened by the measures announced in the Budget 2024 which reinforce the Government’s strong commitment to net zero. The RM2 billion funds under the Dana Mudah Cara Peralihan Tenaga Negara, additional tax cuts of up to RM300,000 for Measurement, Reporting and Verification (MRV) expenses relating to the development of carbon projects are positive moves to build a green economy for a sustainable future. Further efforts to boost development of electric vehicles (EV) and installation of solar panels in the budget is also in line with UOB’s focus to encourage low-carbon lifestyles.
“Apart from green measures, the incentives such as the RM20billion funds by SJPP to guarantee SME loans particularly those in the field of green economy, technology and halal will ensure the competitiveness of SMEs, the backbone of our economy,” Ng said. UOB Malaysia remains committed to help businesses in Malaysia grow responsibly and contribute to the country’s economic growth.
