Ms. Ng Wei Wei, CEO of UOB Malaysia.
By TNS News Team
KUALA LUMPUR, Oct 21 – The National Budget 2025 has been met with positive feedback from various sectors, including a commendation from Ms. Ng Wei Wei, Chief Executive Officer of UOB Malaysia. Ms. Ng highlighted the government’s strong commitment to fiscal reforms, economic growth, and the well-being of the people.
Commitment to Fiscal Reforms and Growth
Ms. Ng praised the government’s gradual approach to fiscal consolidation, which aims to balance responsibilities while maintaining stable growth drivers. “The National Budget 2025 reflects the Government’s strong commitment to strengthen fiscal reforms, advance growth and improve the well-being of the people,” she stated. This approach signifies the government’s dedication to rebalancing, restructuring, and reforming the economy in a sustainable and inclusive manner.
New Investment Incentive Framework
The introduction of the New Investment Incentive Framework has been particularly well-received. Ms. Ng noted that this framework marks a strategic shift towards promoting high-value economic activities, especially in sectors like Electrical and Electronics (E&E) and Artificial Intelligence (AI). “We welcome the introduction of the New Investment Incentive Framework that marks a strategic shift towards promoting high-value economic activities,” she said.
By incentivizing education in emerging technologies and strengthening local supply chains through tax benefits for joint ventures between multinational enterprises and local suppliers, the framework aims to create high-paying jobs and foster regional economic development.
Emphasis on ESG Principles
Ms. Ng also highlighted the budget’s emphasis on Environmental, Social, and Governance (ESG) principles. “The emphasis on ESG principles through incentives for sustainable practices demonstrates a commitment to balancing economic growth with environmental responsibility,” she remarked. This focus on ESG is expected to drive sustainable practices across various sectors.
Introduction of Carbon Tax
A significant step towards environmental sustainability is the introduction of a Carbon Tax on the iron, steel, and energy sectors by 2026. Ms. Ng pointed out that this measure aligns with international ESG regulations such as the EU’s Carbon Border Adjustment Mechanism (CBAM). “The introduction of a Carbon Tax on the iron, steel, and energy sectors in Malaysia by 2026 is a strong significant step towards incentivizing low-carbon technologies,” she said, emphasizing the government’s commitment to decarbonization.
Foundation for Resilience and Growth
Overall, Ms. Ng believes that the comprehensive budget lays a solid foundation for resilience and growth. “This comprehensive budget lays a solid foundation for resilience and growth, and UOB Malaysia is committed to supporting Malaysia in its next phase of development,” she concluded.
The positive reception from UOB Malaysia underscores the broader optimism surrounding Budget 2025, as it aims to drive sustainable growth, support economic inclusiveness, and position Malaysia competitively on the global stage.