KOTA KINABALU: Efforts are underway to stabilise the prices of goods in Sabah, Sarawak and the Federal Territory of Labuan, says Datuk Armizan Mohd Ali.
The Domestic Trade and Cost of Living Minister explained that the Price Stabilisation Committee (PSC) has been formed to analyse and address issues related to the pricing of goods and services in these regions.
He said the committee’s role includes proposing strategies and mechanisms to stabilise prices in Sabah, Sarawak and Labuan.
Deputy Prime Minister II and Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof chaired the PSC meeting on Tuesday (Sept 17), where three key consideration papers and two information papers were discussed.
The consideration papers covered the development of the corn industry by the Agriculture and Food Security Ministry, as well as price stabilisation initiatives for goods and services under the Sabah and Sarawak governments.
Two information papers were reviewed, including the preliminary report (interim phase) on price stabilisation in Sabah and Labuan by Universiti Malaysia Sabah and a similar one for Sarawak by Universiti Malaysia Sarawak.
“The meeting endorsed the implementation of an integrated corn industry development initiative in Sabah and Sarawak,” Armizan told reporters after the meeting.
This initiative aims to reduce dependence on imported food sources for the livestock industry, which has been contributing to high production costs and market prices.
It was also agreed that the Sabah and Sarawak state governments would work together through the National Corn Industry Committee, chaired by the Agriculture and Food Security Minister.
Armizan added that the committee would incorporate the initiatives and recommendations proposed by the two state governments into the ongoing price stabilisation study.
These will be reviewed by relevant central agencies and federal ministries, he said.
The committee was also briefed on preliminary findings of the Price Stabilisation Study, which began in May and is expected to be completed by November.
A full report on the findings will be presented at the next PSC meeting in December.
“The findings will help refine current initiatives and develop new strategies for price stabilisation in Sabah, Sarawak and Labuan,” added Armizan.
