The Malaysian economy is projected to grow between 4.5% – 5.5% in 2015, with the growth mainly driven by domestic demand.  As a small and open economy, Malaysia is susceptible to global economic risks and uncertainties.  In the IMF’s view, global economic growth is still weak, with growing concerns of a prolonged period of sluggish growth in the advanced economies,  in spite of signs of recovery in the US and Euro. 

The MIER has cautioned that challenging headwinds loom ahead for Malaysia as the external environment continues to be uncertain as a result of falling crude oil prices, major commodities and weak global sentiment.  In addition to this, the depreciation of the Ringgit and the erosion of investors’ confidence due to political uncertainties may exacerbate the situation.  Moderating growth in emerging economies, particularly China will also impact Malaysia’s economic performance.  As you know ASEAN Economic Community   (AEC) will come into effect by the end of 2015 and this will increase regional and global competition for both our export markets as well as Foreign Direct Investments (FDI).

Going forward, the business private sector must stay vigilant, and focussed to address the challenges ahead.  We must step up our efforts to address and improve productivity at all levels.  The Malaysian Government, in launching the 11th Malaysia Plan addressed the issue of productivity and   is desirous to work with the private sector and industry players to unlock the potential of productivity.  The 11th Malaysia Plan has placed an ambitious target for growth in the sectors of manufacturing, construction and agriculture that is expected to bring Malaysia to a high income economy by 2020.  Private sector must rise up to play a key pivotal role.

Our business connections in the South-South and in ASEAN can give us a competitive edge as these connections are a valuable resource.  The South-South markets will evolve and grow with increasing purchasing power.  This would augur well for our Malaysian products and services.  So, we encourage all our members to stay connected and plugged into these networks.

MASSA held its 24th Annual General Meeting on 17th June 2015.  At this meeting, we remember and acknowledged the invaluable contributions of the late Tan Sri Datuk Seri Utama Thong Yaw Hong, who was a key founder member of the association and Vice-President of MASSA until his untimely demise on 28th May 2015.

We welcome Datuk Lim Fung Chee elevation as MASSA’s Vice-President, together with Tan Sri Dato’ Michael Chen Wing Sum.  We also thank Tan Sri Datuk Tee Hock Seng, JP for serving as the Hon. Treasurer of MASSA under the new term 2015 – 2017 taking over Datuk Lim Fung Chee’s role as Treasurer for 12 years.  We also welcome back all the Executive Committee Members who agreed to be re-elected for the new term.  We also want to place on record our appreciation to Encik Md Arif Mahmood (Petronas) and Ambassador (Rtd) Datuk Looi Cheok Hun who have decided to retire from the Executive Committee.

I take this occasion to wish all our Muslim members, friends & readers “Selamat Hari Raya AidilFitri, Maaf Zahir Batin” during this festive season.

Tan Sri Azman Hashim
President