Johari Ghani warns cheap imports could hurt local manufacturers
KUALA LUMPUR: The government is examining measures to reduce reliance on imported goods and protect domestic manufacturers amid concerns that cheaper foreign products are putting pressure on local businesses.
Malaysia's government is exploring ways to reduce its dependency on imported goods in order to safeguard the country's domestic manufacturers, according to Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani. The government is scrutinising products contributing to Malaysia's RM146 billion trade deficit with China, with the aim of identifying items previously manufactured locally but now imported, which has led to some domestic manufacturers scaling down operations.
Johari warned that excessive reliance on cheap imports could undermine domestic manufacturing and result in higher prices for consumers if local producers are driven out of the market. The ministry has engaged with local companies to stress the need for measures to protect Malaysia's long-term economic interests, such as encouraging local small and medium enterprises to produce more raw materials and semi-finished products domestically.
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