Malaysia to introduce moving ceiling price for food items

MALAYSIA'S Prime Minister Ismail Sabri Yaakob said the government will introduce a moving ceiling price for consumer products, as part of its efforts to funnel subsidies to the needy and strengthen food security.

The ceiling price on food items will be revised based on the changes in the costs of various inputs in the supply chain, Ismail said in a statement on Monday (Jun 13) evening after chairing the meeting of the Economic Action Council (EAC).

The council decided to enhance the cooperation between the federal and state governments to boost the area of land meant for agriculture in a bid to reduce dependence on food imports, according to the statement.

The EAC also discussed steps to improve the ease of doing business in Malaysia and to tackle the labour shortage in the nation's electrical and electronics sector. The government agreed in principle to a 'train and place program' for 1,000 engineers and 1,000 technicians, Ismail said.

The council also agreed that foreign worker interviews should be held in various states instead of just at the Human Resources Ministry at the administrative capital Putrajaya to speed up the process, according to the statement. BLOOMBERG