Liew Urges French Firms to Boost Wages, Strengthen ASEAN Middle Class

Liew Chin Tong, MITI Deputy Minister emphasized the deepening economic ties between Malaysia and France, noting that France ranks as Malaysia’s third-largest trading partner within the EU, with substantial French investments across various sectors. He was speaking at the CCIFM Malaysia-France Gala Night.

Boost wages

He highlighted the shared responsibility to foster a robust middle class in ASEAN, asserting that creating wealth within ASEAN will establish a vital consumer market that could rival the middle class in China. Liew advocated for French companies in ASEAN to provide better wages, enabling local workers to contribute to regional economic growth, which, in turn, benefits French companies by expanding their market beyond the U.S., Europe, and China.

Tax support

Addressing the Global Minimum Tax (GMT), Liew expressed hope that French companies will support this initiative, which aims to prevent countries from competing in tax incentives at the cost of adequate public services. He noted Malaysia’s New Investment Incentive Framework, which seeks to align investment incentives with national aspirations, moving away from blanket incentives and prioritizing quality investments. He concluded by urging the French business community to partner with Malaysia and ASEAN to build a prosperous, stable, and middle-class society that strengthens economic and cultural ties.

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