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New economic measures will help local industries, says Mustapa Mohamed


PETALING JAYA: Local industries will get a boost with the proactive economic measures announced by the Prime Minister, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed (pic).

“Malaysia has one of the most resilient and sound economic fundamentals in Southeast Asia.

“It is hoped that with this shot in the arm, our domestic industry will be able to weather this current economic setback,” Mustapa said in a statement.

He said the additional RM9mil allocated for industrial activities will help Malaysian Industrial Development Authority (MIDA) intensify its promotion initiatives to Singapore, Europe, Japan, Korea, Middle East, China and the United States.

These efforts will focus on targeted sectors including integrated circuit design, semiconductor, medical devices, pharmaceuticals, biotechnology, aerospace, healthcare, halal, petrochemicals, advanced chemicals, renewable energy, energy efficiency and waste management.

The additional RM2bil allocation for the Working Capital Guarantee Scheme will help small and medium scale enterprises gain access to finance and maintain their operations under current economic constraints.

The 5-30% import duty exemption given to 90 items in the manufacturing sector will allow manufacturers to cut production costs.

Mustapa said the products include spare-parts, consumables and testing equipment which are not produced locally.

"The decision to adopt these measures is a reflection of the government’s commitment to assist and facilitate Malaysian businesses in these challenging economic times,” he said.

Datuk Seri Najib Tun Razak had on Monday unveiled several broad measures to strengthen the economy, which includes boosting the government investment arm ValueCap.

Khazanah Nasional Bhd also announced additional domestic investments of RM6.77bil in support of the Government’s newly unveiled initiatives to strengthen Malaysia’s economy.

- The Star


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