What policy reviews are underway to support local industries?

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Policy Reviews Underway to Support Local Industries

The Malaysian government is actively reviewing and studying existing policies with the primary objective of diminishing reliance on imported goods. This strategic re-evaluation aims to foster a more robust domestic production landscape, thereby bolstering the capabilities of local industries to manufacture products bearing the "Made in Malaysia" label.
Enhancing Domestic Production Capacity

A key focus of the government's policy review is to build the capacity of local industries. This initiative is particularly aimed at critical sectors such as food and beverages, medical devices, pharmaceuticals, petrochemicals, and personal protective equipment, including gloves and face masks. By enhancing domestic production capabilities in these essential areas, Malaysia seeks to reduce its vulnerability to global supply chain disruptions and currency outflows.
Reducing Dependence on Imports

The ongoing policy studies are designed to systematically decrease the nation's dependence on imported products. This involves identifying specific product categories where local alternatives can be developed and scaled up. The ultimate goal is to create a more self-sufficient economy that can better withstand external economic pressures, as highlighted by the challenges faced globally due to the Covid-19 pandemic.
Supporting Small and Medium Enterprises

In parallel with policy reviews, the government has implemented measures like the Prihatin Rakyat Economic Stimulus Package and the National Economic Recovery Plan (Penjana) to assist industries and SMEs. These packages aim to address cash flow issues and other difficulties encountered by businesses, including those in the services sector that rely on imported raw materials and components. The promotion of 'Made in Malaysia' products, especially through supermarkets and hypermarkets, has shown encouraging results, with significant sales increases recorded.

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What policy reviews are underway to support local industries?

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