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2023 Budget shows government’s vision to create resilient business environment, economy

2023 Budget shows government’s vision to create resilient business environment, economy

By NST Business – October 8, 2022 @ 2:56pm

KUALA LUMPUR: The 2023 Budget continues to reflect the government’s prioritising of the rakyat, with a focus on policy reforms that will improve the nation’s sustainable growth over the longer-term in businesses and the people.

Institute of Corporate Directors Malaysia president and chief executive officer Michele Kythe Lim said the government’s push to raise the overall productivity of the nation through capacity building, talent and entrepreneurship development was critical for the future of businesses and companies.

“Throughout the human resources pipeline, starting with the youth to women on boards, the 2023 Budget reflects the government’s long-range vision to create a more resilient business environment and economy for Malaysia.

“Upskilling efforts and the focus on underserved segments, such as more incentives to women and the youth, will allow Malaysia to bridge the gap in building the talent and resource pipeline for the nation.”

She said upskilling efforts include HRD Corp’s RM750 million budget for upskilling more than 800,000 workers and incentivised investments in technology and intellectual property.

The RM750 million upskilling programme will allow local talent to reposition themselves for new opportunities and develop a more diverse and dynamic leadership and workforce, which will enable greater productivity for the nation’s economic growth.

“We encourage companies and businesses to follow the government’s lead in creating a more inclusive environment and culture; one that will enable participation in different manners and to allow for time for individuals to assimilate to a new future of work and business.”

Lim said the emphasis on sustainability and principles of good governance in government-linked investment companies, which would eventually be extended to government-linked companies and the broader capital market, was a catalyst with far reaching positive impact.

She said this starts with internalising good governance among directors to lead and guide their organisations with integrity and loyalty, to doing the right thing in a sustainable fashion, with environment, social and governance integration as a key consideration for board directors.

“Ultimately, this will translate to the company’s performance and bottom line.”

Source: https://www.nst.com.my/news/nation/2022/10/838535/2023-budget-shows-governments-vision-create-resilient-business

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