Budget 2022: RM120mil to ensure food security

PETALING JAYA: The government will roll out a RM120mil initiative in 2022 to strengthen the country's food security, says Tengku Datuk Seri Zafrul Abdul Aziz.

When tabling Budget 2022, the Finance Minister said the government would continue to drive the modernisation of the agricultural sector while generating higher income and attracting more young generations of agropreneurs.

The RM120mil to strengthen food security will involve various states and include development of the aquaculture industry; the preparation of high-tech logistics and storage facilities for food supplies and farm crops; feed subsidy schemes for breeders; and a technopreneur incentive programme to boost the usage of technology in the sector.

The minister also announced that RM1.7bil would be allocated for the farming and fisheries industry, of which RM1.5bil will go towards seed, fertiliser, price and production subsidies, inclusive of upland paddy fertilisers (RM40mil) and RM150mil for catch incentives for fishermen.

Additionally, a RM1.25bil financing programme will also be made available by Agrobank and Bank Negara Malaysia for agro-farmers.

Tengku Zafrul also suggested that disused and undeveloped Federal and Malay reserve land be utilised to increase farmland area and provide additional opportunities for low-income earners and youths.

RM190mil has also been allocated to approximately 320,000 farmers affected by the monsoon season.

Meanwhile, to support the palm oil industry, Tengku Zafrul said that the government would allocate RM35mil for the Farmers Palm Oil Replanting Scheme and another RM20mil to manage anti-palm oil campaigns at international level.

"The government has also agreed to increase the threshold value for its palm oil windfall profit levy from RM2,500 to RM3,000 in Peninsular Malaysia and RM3,000 to RM3,500 for Sabah and Sarawak."