The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) has urged the government to put a stop to the political rivalry within the ruling coalition as it is causing political instability and hurting investment confidence.
At the 73rd annual general meeting of ACCCIM here on Wednesday, its president Tan Sri Ter Leong Yap said “emotion-driven political action” threatensed social harmony and stability and resulted in political uncertainty.
In his speech to 730 delegates nationwide, he said: “We hope the government could fully suppress the escalation of vicious political competition in the country.
“More and more of our members are concerned about the prospects of our economy.
“Political uncertainty not only causes confusion but market volatility and discourages investors from investing.”
From the feedback of eight state constituent chambers in ACCCIM, there was a near consensus that Malaysia is still in a “hot politics-cold economics” state although the new government had come to power for over a year, Ter said.
The play on race politics and inter-party squabbles before the last general election was one of the key factors causing the downfall of the previous government under Barisan Nasional.
“It was agreed that the government should put in more efforts to optimise national construction, improve the people’s livelihood and attract foreign investments, and stimulate the market, ” Ter said.
“There is nothing more important than promoting national harmony and stability to generate opportunities for all trades and industries and to increase the income of all Malaysians so that they can have a better life.”