Services sector an important player in nation’s economy, says deputy finance minister

THE services sector, often seen as labour-intensive coupled with long working hours, has been the cornerstone of the nation’s economy, said Deputy Finance Minister Lim Hui Ying.

Speaking at the TLM Food Expo at Setia SPICE Arena in Penang, Lim said in 2023, the domestic  F& B industry achieved an impressive revenue of RM228.66 billion, with projections to grow at a compound annual rate of 7.95% from 2023 to 2027. 

“Beyond these impressive figures, the industry is a cultural and economic magnet. It attracts enthusiasts, industry professionals, and tourists, creating employment opportunities and boosting the local economy,” she said.

She said this continuous growth showcases the sector’s resilience and its integral role in driving our nation’s economic progress.

On the expo, Lim acknowledged its pivotal role for local producers to connect with international buyers and distributors.

“It fosters networking, creates business opportunities, and encourages knowledge-sharing among industry professionals,” she said, noting that the event featured over 150 exhibitors and an exciting line-up of talks and workshops.

Meanwhile, the Penang Consumers Protection Association president Datuk K. Koris Attan called on the authorities to ensure that there are no profiteering attempts by the F&B industry players, including hoteliers.

He said that the prices of food sold and marketed must be reasonable and the service providers must ensure that the quality is maintained.

"Food besides water and shelter are daily essentials. We should not capitalise on the shortfalls in the global supply chain to hike up prices. Instead, we should find ways to source for raw produce from other suppliers, especially on the local front."

Koris said that as the food industry is dependent on the agriculture sector, there is a need to upgrade food security by redoubling the production of greens and cattle.

Also, the fisheries sector needs to venture more into sustainable practices to ensure a constant supply, said Koris, adding that this includes protecting marine resources from pollution. - January 12, 2025.