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.
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Nearly two thirds of GDP by 2015 will be services. The new economic model for Malaysia places emphasis on raising the productivity level of workers to help them earn higher incomes as well as raising the country’s income status as a whole from middle to high.
When the new economic model is unveiled, necessary changes and realignment to policies and strategies outlined in the IMP3 will have to be made. These include changes to macro-frameworks and to inject the elements of innovation and creativity into the development strategies.
The target has been set; the contribution of the services sector is to increase to 60 per cent of the GDP by 2015.
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