KEPALA BATAS: An inter-ministerial study will be carried out to boost domestic investments to further stimulate the country’s economic growth.
Domestic Trade and Consumers Affairs Minister Tan Sri Muhyiddin Yassin said the comprehensive study wouldlook into ways to promote the retail and wholesale industries, which churned about RM40bil in annual turnover.
He said the study would be conducted by his ministry and the International Trade and Industry Ministry (Miti) on how to encourage local entrepreneurs to take part in domestic investments.
“The Cabinet had deliberated on the matter last week and instructed me and Datuk Seri Rafidah Aziz to conduct the study before presenting a proposal.
“Miti will look into ways to encourage the development of small and medium-scale industries while my ministry will be responsible for the growth of the wholesale and retail sectors,” he said after opening a seminar on consumerism organised by the Penang Umno Wanita here yesterday.
Also present were Deputy Chief Minister Datuk Dr Hilmi Yahaya and state Wanita chief Datuk Shariffah Aminah Syed Mohd.
“Retailing is an important part of the economy as it involves the sale of local products,” said Muhyiddin.
“The study will also look into how to make this sector more competitive and we hope to have our own hypermarkets soon, similar to the many foreign-based hypermarkets in the country.
“We want to see more players in this sector which can be the country’s catalyst of growth,” he added.
Muhyiddin also said the proposed draft of the Anti Pyramid Act, aimed at curbing the activity of get-rich-quick schemes, would be submitted to the Cabinet soon.
He said the proposed Act would include jail terms for those who illegally collected deposits from the public.