JOHOR BARU: The Domestic Trade and Consumer Affairs Ministry will set up an institute to guide retailers in the globalised era.
Minister Tan Sri Muhyiddin Yassin said the institute would provide training and information on aspects such as systematic keeping of accounts and stock records.
He said the institute was needed to encourage more businesses, especially those owned by bumiputras, to venture into retailing to create a healthy competition.
He said statistics showed that only 18.3% of retail businesses were owned by bumiputras compared to 59.5% by non-bumiputras.
“We will give professional advice on how to manage retail business as many retailers, especially bumiputras, fail to keep systematic records, such as improper account transactions.
“This prevented them from carrying out proper transactions which will defeat the purpose of Government’s effort to encourage their participation in the sector,” he told reporters after the opening of the Halal Food Campaign organised by the Johor Malay Chamber of Commerce, Johor Bumiputra Consumers Association and Bank Islam Malaysia Berhad.