Ismail Sabri: Subsidies may reach RM71b this year

MALAYSIA’S subsidies are expected to reach RM71 billion this year, as a result of the government’s approach in protecting Malaysians from the burden of rising prices of goods.

Prime Minister (PM) Datuk Seri Ismail Sabri Yaakob (picture) said moving forward, the government will continue to monitor the developments of various economic risks and ensure the effectiveness of policy decisions in managing external shocks, which can affect the wellbeing of Malaysians.

“I guarantee that the government’s priority in the medium term is to implement structural reforms that will increase potency, endurance and the economic prospects of the country as well making Malaysia a more attractive investment destination.

“Overall, the measures and commitment provided by the government will promote economic growth which is more sustainable and inclusive for all Malaysians,” he said in his speech during the Barisan Nasional Convention yesterday.

Ismail Sabri also said the government will reintroduce the “Jihad Against Middlemen” campaign which was implemented when he was helming the Agriculture and Agro-based Industry Ministry in 2014.  

He noted that previously, the National Farmers Organisation was given the responsibility to lead the campaign.

“To ensure enough supply of food for the needs of Malaysians, the government has also introduced the National Food Security Action Plan 2021-2025.

“The government has also raised the minimum wage from RM1,200 to RM1,500 per month to ease the burden of Malaysians,” he said.

On another note, Ismail Sabri highlighted that his recent working visit to the US has managed to attract new foreign direct investment worth RM16.52 billion through the Trade and Investment Mission.

He added that during his visit to Japan recently, PM Fumio Kishida has agreed to increase the level of diplomatic relations which is expected to provide great benefits to Malaysians and bring home new approved investments worth RM8 billion.

Additionally, he said multinational companies in Japan such as Mitsubishi Corp, Mitsui & Co Ltd, Marubeni Corp, Aeon Co Ltd and Japan Petroleum Exploration Co Ltd have also expressed commitment to increase their investment in Malaysia. — by S BIRRUNTHA / pic BERNAMA