KICC BESTOWED "VARTAGA CHEMMAL" AWARD

Klang Indian Chamber of Commerce bestowed with it's highest award to:

1. DATO VARTAGA CHEMMAL HAJI THASLEEM MOHAMED IBRAHIM,

    EXECUTIVE CHAIRMAN TMI NUSANTARA CONSULTANT (M) SDN BHD

2. DATUK VARTAGA CHEMMAL DR A. PURAVIAPPAN, 

    CHEIF EXECUTIVE OFFICER ARUNAMARI MEDICAL CENTRE, KLANG 

The award to Datuk Dr A Puraviappan was received on behalf by Klang Indian Chamber of Commerce founder President Mr K Kumar as the recipient had to extend his overseas business trip. 

Klang Indian Chamber of Commerce founded in 2005 bestow it's Honorary membership that carries "Vartaga Chemmal" title to successful businessmen that contributed significantly to the economic development in Klang, Selangor or Malaysia.

The Award was presented by Klang Indian Chamber of Commerce President Mr M Shanmugam during The Boss Meet held on 20th April 2013 at Klang Executive Club, Klang . Some 400 Businessmen from Selangor and trade delegation from Tunisia participated at the meet.

The Boss Meet was organised by Klang Indian Chamber of Commerce jointly with Selangor State Government and supported by Selangor State Investment Centre and Klang Chinese Chamber of Commerce and Industry. 

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THE MARKET DEVELOPMENT GRANT (MDG 2013)

The Market Development Grant 

The Market Development Grant is a scheme introduced to assist the small and medium enterprises (SMEs), service providers, trade & industry associations / chambers of commerce & professional bodies in undertaking export promotional activities.

For 2013, MDG applicants can claim up to a maximum grant of RM100,000.00 per company, subject to yearly review and the availability of fund. In addition to that, an exit mechanism under the Malaysia Plan (MP) will be implemented whereby the cumulative grant entitled for a MDG applicant throughout the period of the 10th MP (2011 – 2015) is limited to a maximum of RM300,000.00 per company.

Companies can apply for a reimbursable grant on the eligible export promotional activities undertaken. The value of the grant reimbursed will be determined by MATRADE based on the location (by regions) and the type of export promotional activities undertaken.

For further details on the Market Development  Grant  or the full guidelines log on to : www.matrade.gov.my/en/malaysia-exporters-section/116-market-development-grant-mdg/2690-guidelines-for-market-development-grant-mdg-2013

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SURVEY : REQUESTING 10% BUSINESS OPPORTUNITIES ALLOCATION IS FAIR DEMAND

A survey by Klang Indian Chamber of Commerce[KICC] indicates Malaysian Indian Entrepreneurs in support for our request for Government to allocate 10% Business Opportunities. Some 92% of participation largely Malaysian Indian professionals and businessmen agreed that it's a fair request.

Beside RM500 million grant by Federal Government , KICC is requesting the authority to allocate minimum 10% business opportunities for Malaysian Indian businesses to enable this community reach the 3% national economic equity target by 2020. 

In June 2012, Prime Minister Najib Razak said that Khazanah Nasional and Permodalan Nasional Berhad will work develop GLC Vendor Development Program for Indian business but thus far we haven't heard any such initiatives being taken.

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"TALK ONLY NO ACTION" IN INDIAN ECONOMIC EQUITY PARTICIPATION

"TALK ONLY NO ACTION" IN INDIAN ECONOMIC EQUITY PARTICIPATION

A simple survey carried out my Klang Indian Chamber of Commerce reveal that awareness among Malaysian Indian on government commitment of increasing 3% Equity is very low.

Some 64% of respondent says they unaware of Malaysian Indian 3% Economic Equity target set by Federal Government since 2001.

While only 26% of 500 total respondents answered that the 3% Equity target was set by then Prime Minister Mahathir Mohamad in 2001.

The survey result indicates Federal Governments "TALK ONLY NO ACTION" when comes to their commitment of increasing 3% Malaysian Indian Economic Equity participation announce in the Parliament when presenting The Third Outline Prospective Plan on 3rd April 2001 by then Prime Minister Dr Mahathir Mohamad.

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BOSS MEET BOSS

INVITING BUSINESS OWNERS AND PROFESSIONALS  TO THE BOSS MEET.

BY INVITATION ONLY 

Planned Event :

a.   OVERSEAS TRADE DELEGATION

b.   NETWORK WITH SOME 500 BUSINESS OWNERS & PROFESSIONALS

c.   EXHIBITION BY MALAYSIAN INDIAN BUSINESS

d.   PRESENTATION ON BUSINESS OPPORTUNITIES

e.   AWARD TO SUCCESSFUL LOCAL BUSINESSMEN

f.    DINNER

CONTACT :

S. Arikrishnan 

KLANG INDIAN CHAMBER OF COMMERCE

www.klangchamber.org

email : klangchamber@gmail.com

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Banks ‘not keen’ on loans to Indian SMEs

Banks ‘not keen’ on loans to Indian SMEs

from :The Malaysia Reserve

Indian small and medium sized entrepreneurs (SMEs) are finding it tough to tap into a RM130 million Islamic financing facility that was announced by the government nine months ago.

The main reason: Perceived reluctance of Islamic banks on loans probably due to lack of a guarantee from the authorities and perceived weak credit worthiness of the applicants. As of Jan 23, 77 out of 81 applicants for the Shariah-compliant SME financing scheme (SSFS), which is channelled through the Special Secretariat for Empowerment of Indian Entrepreneurs (SEED), were rejected. Only four entrepreneurs received financing worth RM4.4 million.

SEED director Dr AT Kumararajah said the 13 Islamic banks entrusted to disburse the RM130 million special Indian business facilitation fund announced by Prime Minister Datuk Seri Mohd Najib Razak in June 2012, were “not interested” to lend the money to the community as the financial institutions were only looking at the applicants from a “business case” view.

“It's not a special fund for the Indians. The banks are not keen to lend money to Indian entrepreneurs as the money is solely under their discretion. There is no government guarantee to that money,” he told The Malaysian Reserve.

SEED, a special secretariat, which reports directly to Minister in Prime Minister’s Department Datuk Seri G Palanivel, who is also MIC president, is meant to assist the Indian business community to get access to bank loans.

On June 9, 2012, Najib announced various forms of loans worth RM180 million for the Indian community, of which RM130 million was supposed to be channelled through the SSFS, with each of the participating Islamic banks to providing RM10 million worth of loans. This is seen as one of the plans by the government to assist the Indian community.

Aside from the Islamic banks, Malaysian Industrial Development Finance (MIDF) was to provide RM10 million in SME soft loans — RM5 million under the enrichment and enhancement programme meant for business start-ups and microenterprises and RM30 million through the microfinance facility provider under the so-called Tekun Nasional scheme.

Islamic banks that were approached by The Malaysian Reserve declined to comment on the issue.

Dr Kumararajah said 95% of the applications, which went through normal credit evaluation criteria, was at a risk of rejection at the final evaluation process under the scheme.

While stressing that there is no “special treatment” for business proposals which passed through SEED, he said the only incentive in the SSFS scheme was the 2% interest rebate given by the government to the participating banks for their cost of financing. 

“We are looking for a redesigned scheme that would enable the Indian businesses being evaluated on a different basis than a standard evaluation process.

“We understand that there are a lot more that need to be restructured in order for the Indian business community to get preferential access, in terms of funding and that is what we (SEED) are doing now,” he said.

In a step to address these issues, Dr Kumararajah said SEED has prepared a comprehensive memorandum which was submitted by Palanivel to Najib, who is also the finance minister, in a Cabinet meeting last month.

In the memorandum, Dr Kumararajah said SEED has proposed to the government to provide RM130 million directly to the Indian business community which can be managed by designated institutions such as SME Corp.

SEED also wants to work with Bank Negara Malaysia to monitor from “root to tip” the performance of the banks and both the approved and rejected applications by the joint cooperation proposed under the SSFS scheme.

If the above suggestion is not taken into consideration, he said SEED will then propose to the government to come up with a guarantee scheme mechanism whereby the banks still provide the funds, with the guarantee from the government.

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DEFERMENT OF MINIMUM WAGES RULING FOR FOREIGN WORKER TO DEC 31, 2013

We wish to inform all members and associates that after several rounds of discussion by the association with the relevant authorities and department, our voice is finally heard.

The minimum wages ruling implementation for foreign workers is now being deferred to Dec 31, 2013

Kindly refer to the enclosed letter from National Wages Consultative Council of Ministry of Human Resources for details.

Thank you.

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