The Malaysia Gold Association (MGA) recently concluded its 10th Annual General Meeting (AGM) in the capital city, announcing a new board committee aimed at further enhancing Malaysia’s position as a prominent player in the global gold trading arena.
Established in 2014, MGA has been instrumental in advancing the local precious metals industry, advocating for policy changes, and fostering regional gold standards to ensure competitiveness in the global market. At the recent AGM held on 21st March 2024, a new board committee was elected to lead the association for the next two years.
Public Gold Group, Founder and Executive Chairman, Dato’ Wira Louis Ng was re-elected as President of MGA, underscoring his continued commitment to driving the association’s objectives forward.
Joining him are esteemed industry leaders such as Datuk Abdul Rasull Bin Abdul Razak, Datuk Chiah Hock Yew, and Abdul Shukor Anuar, who were elected as Vice Presidents, alongside Datuk Haji Abdul Wahab Hamid, who retained his role as Secretary of MGA.
Over the past decade, MGA has significantly influenced the landscape of gold trading in Malaysia. Through active engagement with national policymakers, the association has successfully secured exemptions on Goods and Services Tax (GST) and Sales and Services Tax (SST) for gold products, bolstering the industry’s growth prospects.
In addition to advocacy efforts, MGA has been at the forefront of knowledge-sharing initiatives, organizing national and international gold conferences to disseminate insights on market trends and best practices.
Looking ahead, the association remains committed to adapting to policy changes, particularly in light of the impending High-Value Goods Tax (HVGT), where it seeks to propose measures to mitigate its impact on the gold jewelry industry.
Speaking on the association’s role, Louis Ng emphasised MGA’s dedication to fostering the growth and stability of the local precious metals industry amidst global geopolitical tensions and economic challenges. He urged industry stakeholders to unite under MGA’s motto, “Unity is Gold (Precious),” to collectively navigate uncertainties and drive industry prosperity.
Recognising the invaluable contributions of its members, MGA hosted a grand dinner at JW Marriott, Kuala Lumpur, to celebrate their achievements and strengthen industry networking opportunities.
Furthermore, following a successful collaboration with the China Gold Association (CGA) and United Overseas Bank (UOB) of China, MGA will lead its members on a tour to the ‘China Gold Congress and Expo 2024’ in Shanghai, China, to glean insights from global gold leaders and expand business horizons.
