KUALA LUMPUR (Dec 23): The government's announcement to increase electricity tariffs may discourage potential multinational corporations (MNCs) from operating in Malaysia, according to the National ICT Association of Malaysia (Pikom).

“[This] could also encourage existing MNCs to look elsewhere. At the same time, many companies are still struggling to rebuild their businesses post pandemic. Furthermore, the electricity price hike will contribute to inflation,” Pikom chairman Ong Chin Seong said in a statement on Friday (Dec 23).