Bank Negara Annual Report 2018 highlighted that the global economy started the year 2018 on a positive note riding on synchronised growth.  This growth soon dissipated when global trade tensions and financial market volatility heightened.  Global growth moderated to 3.6% in 2018.

The Malaysian economy in 2018 expanded moderately at 4.7% (2017: 5.9%).  Despite its positive start to 2018, the economy was also impacted by the global challenges in addition to unexpected supply disruptions in the agriculture sector and commodity exports and slowdown in manufacturing activities.  Malaysia’s economic growth for 2019 may moderate further to 4.4%, relying on domestic demand to steer growth.

Going forward, the global scenario will present challenging economic headwinds and new areas of uncertainties as global growth moderates.  This is not a new phenomena and we can count on past experiences to help us ride through the turbulence.  I encourage members to keep the pioneering spirit and to build upon our business experience and connections and arm ourselves with new knowledge, transform and take risks to apply new and innovative technology, not only to increase output and productivity but to also create new products and services, new methods and processes that are more efficient and productive that can yield better profits.

YAB Tun Dr Mahathir Mohamad launched Ind4WRD in October 2018.  This is Malaysia’ response to Ind4.0 and it calls for transformation of the manufacturing sector and its related services to be smarter and stronger, driven by people, process and technology.  The manufacturing sector remains the backbone of Malaysia’s economy.  At  MASSA’s 27th Anniversary Dinner, our Guest-of-Honour, YAB Tun Dr Mahathir Mohamad encouraged and gave his continuing support for MASSA and its members to seek business opportunities in the developing countries of the South.
  
MASSA has embarked on a series of outreach events to familiarise members with the efforts of the Government to develop the digital economy eco-system so that our businesses can embrace the technological change and accelerate our respective adoption of Industry 4.0. MASSA’s visit to MDEC, MIMOS & SIRIM was useful and informative.  The Fourth Industrial Revolution calls for a new level of thinking and also novel approaches to business.  It is my hope that members can then take these ideas on to your South-South connections and partners in the developing countries.

I appreciate the continuing support and cooperation of all our Executive Committee and members and your participation in MASSA’s activities.

Tan Sri Azman Hashim
President