Deputy Finance Minister YB Lim Hui Ying praised the remarkable growth of Malaysia’s jewellery market, reflecting our nation’s robust economic progress.
She also highlighted the growing strength of the ringgit against the US dollar and the vibrant economic policies of the Madani government.
She was speaking at the launch of the Penang Signature Gold Fair 2024 currently underway at the Setia SPICE Convention Centre earlier today.
“With trade figures soaring to RM5.57 billion from January to April 2024—a notable 33.5% increase from the previous year—this surge underscores the significance of Penang in enhancing Malaysia’s position in the global gold jewellery arena. It is a testament to our state-of-the-art craftsmanship and burgeoning reputation as a hub of both manufacturing and tourism.
“Over the past eight years, PSG has played a pivotal role in attracting local artisans and international industry leaders to Penang, solidifying the city’s status as a premier gold trading center. PSG 2024 will undoubtedly build on these achievements, further elevating Penang’s global presence and boosting our local tourism sector by attracting high-profile international visitors.
“I believe you are all well aware of how international events and the USD currency rate significantly impact the gold price in Malaysia. I must emphasize that these international factors influence not only gold prices but also our broader economy. One notable effect is on the Ringgit currency, which has recently enjoyed the longest winning streak in 14 years, making it one of the best-performing currencies in Asia this year.
“Under the leadership of the Madani government, Malaysia is seizing this momentum to play a pivotal role in the global economy. The government has undertaken significant economic reforms, which previous administrations considered but did not implement. This commitment to reform has been recognized internationally, with JP Morgan upgrading Malaysia’s rating from underweight to neutral after nearly six years, and Forbes acknowledged that these reforms are steering our economy towards high growth and high value”, she said.
She also added that the key reforms include the diesel subsidy rationalization program, which began on June 10 and is expected to save around RM4 billion annually by reducing leakages. In addition, the Government will continue to monitor the impact of changes in world crude oil prices and will take appropriate actions to safeguard the welfare and well-being of the population. This commitment was evidenced when the retail price of diesel in Peninsular Malaysia was reduced by 5 cents to RM3.30 per liter from August 8 to August 14, reflecting the recent decrease in global oil prices.
“The introduction of new revenue measures, such as a higher Service Tax, E-Invoice and a new Capital Gains Tax (CGT), are part of our efforts to diversify and increase government’s revenue. For instance, the implementation of e-Invoice will provide seamless experience to taxpayers, as well as improving business efficiency and increasing tax compliance. As per latest, there were about 2.2 Million successful transactions. Starting 1 January 2024, companies, limited liability partnerships, trusts and cooperatives will be subject to CGT on the disposal of unlisted shares.
“Additionally, the progressive wage policy, approved at the Cabinet level and set for full implementation in October, aims to reform the labor market and boost workers’ incomes in line with productivity gains. The launch of the National Energy Transition Roadmap (NETR) marks our shift towards a high-value green economy, with phase one encompassing 10 flagship projects and initiatives. Similarly, the New Industrial Masterplan (NIMP) 2030 outlines ambitious targets to enhance our manufacturing sector’s GDP by 6.5% annually”, she shared.
Guests were treated to a parade of models showcasing the latest in the jewellery designs. The showcase is on till August 11, 2024 with the participation of representatives from Singapore, China, Indonesia, Vietnam, UAE, Brunei, Thailand and Cambodia.
Also present was YB Teh Lai Heng, Komtar assemblyman, YB Wong Yuee Harng, Pengkalan Kota assemblyman, YB Sdri Phee Syn Tze, Sungai Puyu assemblywoman, YB Chee Yeeh Keen, Bagan Jermal assemblyman, Ibu Aziza Rahmaniar Salam, Trade Attache of Embassy of the Republic of Indonesia in Kuala Lumpur, Datuk Johnson Lim Eng Hoong, CEO of Elite Expo Sdn Bhd, Dato’ Ivan Chee Yook Chiang, President of Penang Goldsmith and Jewellers Association (PGJA), Dato’ Chiah Hock Yew, President of Federation of Goldsmiths and Jewellers Association of Malaysia (FGJAM) among others.
