TOWARDS SUSTAINABLE ECONOMIC GROWTH
The Group currently operates 15 sales offices across Peninsular Malaysia, Sabah and Sarawak, on top of our Singapore operations based in Zhongshan Park. Our economic contribution is twofold. Our operations create value for the local workforce through employment opportunities while also contributing to the national economies of Malaysia and Singapore via direct and indirect taxes, excise duties and support of the local food and beverage industry.
In Malaysia, the Confederation of Malaysian Brewers Berhad (CMBB) – of which our Malaysia operations is a founding member, – estimated in pre-pandemic year 2019 that the brewing industry supported 61,000 people in direct or indirect employment with taxes, salaries and profits contributing significantly to nation-building. Similarly in Singapore, the brewing industry has created jobs throughout the whole F&B value chain.
Like many industries reliant on consumer sentiment and demand, these contributions were heavily impacted by the advent of COVID-19 and the concurrent national lockdowns and social distancing measures introduced to curb the spread of the pandemic in 2021.
We also applaud the Malaysian and Singapore governments for not raising excise duties on beer for year 2022 as both countries’ excise for beer rank second-highest in the world, behind only Norway. We also note that Malaysia’s gross domestic product (GDP) per capita remains one-seventh that of Norway and a sixth of Singapore, yet excise duties on beer remain on par with these wealthy nations.
Nonetheless, through our Malaysian and Singaporean operations, we remain vigorous contributors to UN SDG 8 targets by supporting economic prosperity, higher productivity and innovation by providing decent work and economic growth in the markets we operate in.