Latest news with #RM347mil

The Star

Distributive trade sector recorded RM1.76 trillion in sales last year, says Armizan

JOHOR BARU: The distributive trade sector recorded RM1.76 trillion in sales last year, says Datuk Armizan Mohd Ali. The Domestic Trade and Cost of Living Minister said that the figure was an increase of more than 5% compared to the RM1.67 trillion recorded in 2023. "With such strong figures, we should focus on leveraging this growth to promote local products, enabling them to benefit from the expansion of the sector," he said. He said that among the initiatives that have contributed to the encouraging trend is the Buy Malaysian Goods Campaign, which aims to boost sales of local products, especially from micro, small and medium enterprises (MSMEs). He said the campaign has contributed some RM347mil in sales over the last two years through e-commerce platforms. "We are also utilising e-commerce platforms to promote local products in collaboration with various parties, including e-commerce operators such as Lazada, TikTok and Shopee. "For example, the sales of local products reached RM347mil in 2023 and 2024 through the Buy Malaysian campaign, which shows great potential,' he said. Armizan added that Deputy Prime Minister Datuk Seri Fadillah Yusof will announce a coordination meeting next week to bring together various agencies and ministries involved in the campaign. "The campaign is driven by multiple ministries and agencies, each with its own approach, so coordination is crucial," he said, urging the private sector and non-governmental organisations to play a role in promoting and prioritising high-quality local products that contribute to the national economy. He added that beyond domestic efforts, the ministry is also pushing for global market penetration through the Local to Global Retail initiative. "This is one of the ways we aim to enhance our products' competitiveness and visibility in international markets. "We will intensify these efforts for the benefit of the people, local entrepreneurs, and the nation as a whole,' he said.