Ringgit strong, traders urged to provide added value to consumers – Industries Unite
KUALA LUMPUR: Traders need to take advantage of the strong ringgit to continue to provide added value to local consumers and foreign tourists, said Industries Unite Co-Founder, Datuk Irwin Cheong.
The recommendation was made to local micro, small and medium enterprises (MSMEs) taking into account the expected growth in consumer spending in Malaysia in 2026.
“Food and beverage (F&B) merchants and retailers need to take advantage of this opportunity to provide added value to local and foreign consumers.
“Regardless of the position of the country’s currency, we hope Malaysia can remain competitive. Malaysia needs to innovate to attract more foreign investment into the country,” he said.
He said this in the People’s Pocket Dialogue program on Friday.
On Thursday, BMI Country Risk & Industry Research expected consumer spending growth in Malaysia to remain stable in 2026, with real household spending, after taking inflation into account, projected to grow 4.1 percent in 2026, slightly slower than the estimated 4.4 percent in 2025.
Meanwhile, the Director of the MBA Program, Putra Business School (PBS), Universiti Putra Malaysia (UPM), Prof. Dr. Ahmed Razman Abd Latiff, is of the view that Malaysia is on the right track in terms of implementing policies to benefit from the current strengthening of the currency.
“We are on the right track when we look at the number of tourists coming to countries in Southeast Asia, Malaysia recorded the highest number of 38 million tourists last year.
“Traveling is not just about seeing historical attractions, eating and so on. There are even health tourists who want to get treatment from our hospitals which offer the best treatment.”
“Also, another phenomenon is sports tourists who compete and participate in recreational activities in our country. When we look at it from that perspective, we not only offer conventional attractions, but there is much more to explore,” he said.
The ringgit has recorded a stronger rebound, rising from around 4.70 against the US dollar a few years ago to 3.90 currently, making it one of the best-performing currencies in Asia.
The ringgit also strengthened against the Singapore dollar, around RM3.13–3.15 and recorded a significant surge against the yen (±JPY39 for RM1). Meanwhile, against the euro, the ringgit strengthened slightly throughout January, while against the pound it hovered around RM5.42–5.47.
-Agency
