Categories: SpeechesPublished On: 14/06/2024
  • Yang Berusaha Puan Nor Yati Ahmad, Accountant General of Malaysia
  • Yang Berbahagia Dato’ Seri Mohamad Zabidi Ahmad, President of the Malaysian Institute of Accountants (MIA)
  • Ms Asmaa Resmouki, President, International Federation of Accountants
  • Yang Berusaha Dr Wan Ahmad Rudirman Wan Razak, Chief Executive Officer, Malaysian Institute of Accountants
  • Members of the Media
  • Distinguished Delegates and Guests
  • Ladies & Gentlemen

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  • Assalamualaikum warahmatullahi wabarakatuh, good afternoon dan Salam Malaysia MADANI
  • Thank you to MIA President Dato’ Seri Mohamad Zabidi Ahmad for the gracious introduction, and thank you to the Malaysian Institute of Accountants (MIA) for inviting me to officiate and deliver the keynote address at this conference.
  • The MIA INTERNATIONAL ACCOUNTANTS CONFERENCE 2024, is an important platform, as it gives us an opportunity to connect with an audience of 3, 500 accountancy professionals and to convey the direction of the economy to you as influential decision makers and partners in business and industry, government and the public sector, and academia.
  • Ladies and gentlemen
  • Based on the latest figures, the domestic economy’s encouraging 4.2 percent growth in the first quarter of 2024 indicates that the Government’s policies and economic management are effective. With the Q1 2024 growth exceeding the Bloomberg consensus forecast of 3.9%, the Government is optimistic that Malaysia’s gross domestic product (GDP) is well placed to expand within the official forecast range of 4% to 5% for 2024.
  • We remain committed to our reform agenda to transform the economy, public delivery and to enhance resilience amidst the turbulent global economy. Last year, MADANI Government initiated a full set of policy reforms set forth in the MADANI Economy framework and we are committed to see through the policy implementation in the coming months.
  • I am happy to see that global investors are showing a renewed interest in the reform narrative, as reflected in the optimism of the domestic capital markets, and exemplified by the FBM KLCI etching new highs as well as Foreign Direct Investments committed by global companies like Microsoft, Google, Byte Dance, Infineon Technologies and Tesla.
  • From the supply side, all sectors expanded and catalysed economic growth in Q1 2024. This was exemplified by favourable economic fundamentals in the quarter, including positive momentum in the labour market, benign inflation, production increases, and double-digit growth in the value of construction work done.
  • On the external front, Malaysia’s total trade grew by 7.1% to reach RM690.6 billion, and we continue to register a trade surplus, amounting to RM34.2 billion in Q1 2024. We also recorded a surplus in the current account of the Balance of Payments of RM16.2 billion supported by surplus in the goods account as well as higher tourist arrivals.
  • We expect the economic transformation’s momentum to accelerate in 2024, reflecting the country’s strong fundamentals and investors’ confidence on the economy, buoyed by sound policies.
  • The MADANI Economy framework, which mapped out fresh strategies for Malaysia’s economic growth and identified new growth industries, has started to bear positive results evidenced by the economy’s continuing expansion. This is further catalysed by economic measures outlined in Belanjawan 2024 and the Government’s commitment to introduce responsible fiscal management while ensuring the welfare of vulnerable communities are protected.
  • In addition, the implementation of strategies and measures under the National Energy Transition Roadmap, New Industrial Master Plan 2030 as well as the ongoing Twelfth Malaysia Plan initiatives will continue to attract quality investments in high value-added industries that in turn will create high-income jobs and enhance the people’s quality of life.
  • The Economy MADANI framework outlines three fundamentals to empower the Rakyat: • to Raise the Ceiling, restructure and elevate the country’s income,
    •  to Raise the Floor, where we improve the income for the people and living standards, and expand the social protection,
    • to put in place good governance and improve public delivery system
  • Targeted diesel subsidy is one of the policy reforms which encompasses all three fundamentals;
    • to combat rampant leakages in the form of smuggling and misappropriation by commercial sectors which are non-eligible for subsidised diesel
    • to create sustainable economy for the country and
    • to improve better public delivery for the people in terms of better infrastructure, health and education system for all Malaysians
  • Diesel subsidy had increased 10-fold from RM1.4 billion in 2019 to over RM14.3 billion in 2023. The amount of subsidised diesel increased sharply from 6.1 billion litres in 2019 to 10.8 billion litres in 2023 even though the number of registered diesel vehicles increase at 3 percent which is not in tandem with usage. Malaysia cannot afford losing billions of Ringgit, year after year, to smuggling and misappropriation of diesel.
  • As the Government continues to pursue systemic reforms to curb corruption, wastages and leakages, accountants play a pivotal role as P a g e 6 | 7 proponents of good governance and ethical business practices, digital playmakers and ESG enablers.
  • Ladies and gentlemen
  • I am pleased to be here today to officiate the launch of the MIA Sustainability Blueprint. Congratulations to MIA. The Blueprint serves as a useful guide to accountancy professionals on their expanding roles as sustainability gains momentum and organisations come under greater scrutiny.
  • The Conference is therefore relevant in preparing accountancy and finance professionals achieve the UN Sustainable Development Goals (UNSDGs) as well as the climate goals reaffirmed by Malaysia at the annual COP (United Nations Climate Change Conference) events.
  • Among the new relevant skillsets that accountancy professionals must be well versed in to support the nation’s new direction and agenda are: carbon credits and taxation, climate and green technology financing, ethical leadership and risk management through the lens of sustainability, governance of sustainability frameworks, and sustainability measurement, reporting and assurance in compliance with global standards, to name some key competencies.
  • In particular, accountancy professionals are urgently needed to lead sustainability adoption and business practices by being competent in capturing, measuring, reporting and assuring ESG data. Assurance services in the sustainability space are also increasingly critical to curb the rising occurrence of greenwashing and protect investor confidence.
  • Last but not least, in all that you do as accountancy professionals, do practise integrity and accountability as anchored by the profession’s enduring code of ethics – to spearhead Malaysia’s agenda of good governance, enhance trust, and protect the public interest.
  • Ladies and gentlemen
  • I hope that my remarks have given you some useful insights into the direction of the Government and the MOF’s policies and implementation as Malaysia forges ahead.
  • On that note, I wish every success to MIA for organising this Conference, and I am certain that the delegates will find the sessions as fruitful and beneficial.
  • With that I would like to officially launch the Conference and the Sustainability Blueprint.
  • Thank you!