KUALA LUMPUR – The Plantation Industries and Commodities Ministry is committed to continue contributing to the country’s development, and strives to mitigate the local economy from the expectations of market uncertainties next year, even with a reduced allocation, said its minister today.
Under Budget 2023, a total of RM495.9 million was allocated to the ministry, with RM241 million for operating expenditure and RM254.8 million for development expenditure.
This is a reduction of RM176 million or 26% from last year’s allocation, said Datuk Zuraida Kamaruddin in a statement today following the tabling of Budget 2023.
“The year 2023 is expected to be more challenging following the projection of inflation worldwide. However, the ministry is determined to face this challenge for the sake of developing the agricommodity industry, including ensuring industry sustainability and productivity through research, development, commercialisation and innovation; market development, and balancing wealth equitably,” she said.
Budget 2023 focused on a more targeted agricommodity sector, particularly involving the improvement of the rubber raw material supply chain through cooperatives, development of rubber-planted areas for smallholders, and Malaysian Sustainable Palm Oil certification scheme.
Among others, under Budget 2023, the government plans to rechannel additional levy revenue to support employers to fund their automation initiatives to reduce dependency on foreign labour. – Bernama, October 8, 2022
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