KUALA LUMPUR: The boycott of Israel-linked brands has opened up more business opportunities for local businesses to flourish, says the Domestic Trade and Cost of Living Ministry.
Datuk Armizan Ali said that the boycotts have helped increase demands for homegrown products, enhancing innovation and fortifying the local economy.
“However, these local companies must ensure that they fulfil the expected quality standards and competitive prices to ensure long-term support from the consumers,” he said in a written reply to Datuk Rosol Wahid (PN- Hulu Terengganu) on Tuesday (June 25).
Rosol had asked the ministry to state the extent of the impact of boycott movements against brands associated with Israel, across various business sectors.
Armizan also said as consumers were staying away from brands associated with Israel, they would tend to find alternatives among the local brands.
“These opportunities can be utilised by local entrepreneurs to introduce their brands to the consumers.
“With an increase of demand for local brands, there are also incentives for local businesses to invest in research and development to produce more competitive products in the market,” he added.
The minister also said that at least 30 local micro, small and medium enterprises have registered with the ministry for its Beli Barangan Malaysia campaign.
“This would not only create a healthy market competition but would also help create jobs and strengthen the micro economy,” he said.
