Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

Budget: Miti Hopeful Of Boost In Economic Growth & Trade Figures From Budget 2016

Posted by vox vox on November 18, 2015 at 9:42 am

KUALA LUMPUR, Oct 22 (Bernama) –The Ministry of International Trade and Industry hopes the Budget 2016 will help boost economic growth and trade figures.

This is amid the uncertainty in the global market due to the fall in the oil prices and weakening of the ringgit, said its Minister Datuk Seri Mustapa Mohamed.

The budget will be tabled by Prime Minister Datuk Seri Najib Tun Razak in Parliament tomorrow.

Mustapa was also hopeful that more focus would be given to small and medium enterprises (SMEs) - the backbone of the country’s economy - in the budget with new plans and strategies to enhance exports.

Mustapa said this was also due to the competition the country is facing.

He told reporters this during a briefing and memorandum of understanding signing ceremony.

In an effort to encourage more Malaysian food manufacturers obtain the Hazard Analysis Critical Control Points (HACCP)certification, the Malaysia External Trade Development Corporation (Matrade) is collaborating with SIRIM QAS International Sdn Bhd and SME Bank to introduce the HACCP Certification Assistance Programme.

The joint-collaboration will see Matrade providing financial assistance to companies in the application of the HACCP, with SIRIM QAS International as the certifying body, and SME Bank offering financing facilities for companies to upgrade or renovate their factories.

The project is targeting at least 30 companies to be HACCP-certified within a six month period and each will be given funding of up to RM20,000.

According to Mustapa, the collaboration will enhance the capability of Malaysian food manufacturers, particularly SMEs, in the global market.

“The initiative also helps their competitiveness and create greater market access. The HACCP will not only ensure food safety, but improve product marketability and heighten acceptance globally too,” he said.

For the first eight months of 2015, exports were valued at RM498.8 billion, of which that of processed food was RM11.25 billion or 2.3 per cent of the total.

Over the last five years (2010-2014) exports of processed food increased from RM11.85 billion to RM16.56 billion.

– BERNAMA



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