Buy Local Products Brings Doubling Effect to Economy: Malaysia Deputy PM

KUALA LUMPUR, June 9 (Bernama) -- Muhyiddin Yassin says the increase in disposal income of households in the private sector and rural areas, if used to buy local products can bring doubling effect to economic activities and build the country's resilience against any financial crisis. A study by Bank Negara Malaysia (BNM) showed that average salaries in the private sector rose four per cent last year while income in rural areas had also increased significantly, he said at the Buy Malaysian Products Expo at Putra World Trade Centre (PWTC) here on Friday. The deputy prime minister also said programmes promoting Malaysian products could lead to people giving priority local goods. "These campaigns will leave a positive impact on the country's balance of payments through a lesser reliance on imported products," he said. Meanwhile, he called on the Malaysian business community to emulate efforts by multinational companies originated from this country especially in the aspects of promotion and R&D, to compete with world giants. This would also make popular the Malaysia brand on the world stage, he said. "With various incentives provided by the government, the entrepreneurs should take advantage of them to improve and enhance the quality of their brands, packaging, promotions and advertisements to be on par with international standards," he said. He said Malaysian producers should expand their reach to markets in the region and not to rely solely on the domestic market. The deputy prime minister also wanted to see local companies become more innovative, utilise state-of-the-art technology and apply best business practices. -- BERNAMA