Industry players: Recovery Plan provides clear framework to ensure economic revival

KUALA LUMPUR, June 16 -- Industry players welcomed the government's four-phase National Recovery Plan as it provides a clear framework that Malaysia needs to ensure a progressive economic revival within a realistic timeframe.

Malaysia Debt Ventures Bhd (MDV) said the plan balances social economic welfare and imperatives in paving the way for the nation’s smooth transition from the current COVID-19 crisis through a safe reopening of the economy.

The implementation of the plan is timely and well supported by financial reliefs and economic stimulus, which would ensure a progressive economic revival for the country, it said.

“MDV anticipates that the clear framework set by the government for the reopening and energising of the economy will greatly assist technology companies and startups in formulating optimised plans for their return to full operations.

“MDV is optimistic that the plan will contribute towards a positive outlook of the digital economy and subsequently lead to the corresponding recovery of the technology sector,” it said in a statement today.

Meanwhile, Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) acting chief executive officer Datuk Syed Abdul Aziz Syed Hassan expressed confidence that the recovery plan would succeed in achieving its objectives.

“This is because it represents a sustainable comprehensive action framework to make Malaysia COVID-19 proof,” he said.

Digital Nasional Bhd said the plan is a balanced, structured, outcome-based approach that provides clear targets and priorities that are necessary to keep the nation focused.

Malaysia Venture Capital Management Bhd (MAVCAP) chief executive officer Shahril Anas said the plan is timely and encouraging, with defined thresholds to reopen and restart the economy in phases.

“As we continue to assist our investee companies, MAVCAP is fully supportive of the government’s forward-looking plans, which will boost digitalisation and e-commerce as a key thrust to propel the nation's development.

“This is well-aligned with our ongoing drive to ensure that our investee companies are able to weather the impact of the COVID-19 pandemic,” he said.

The National Recovery Plan, which is believed capable of bringing life back to normal by the end of this year, was announced yesterday by Prime Minister Tan Sri Muhyiddin Yassin.

-- BERNAMA