KUALA LUMPUR (Politics Now!) - A first step in the removal of longstanding business monopolies, often cited as a key source of corruption and inefficiencies in graft-riddled Malaysia, is finally in the offing.
According to Economy Minister Rafizi Ramli, a policy paper reviewing the use of approved permits (APs) and import permits (IPs) to reduce monopolies is ready and will be presented to the National Economic Action Council (NEAC) by November.
"The paper is ready. Originally it was timed for (submission in) October but we have to prioritise since the list of things to be brought to NEAC is long. As for now, the earliest will be in October but it can not be more than November," Rafizi was reported by the NST as telling a press conference in Putrajaya today.
Monopolies, usually granted to political cronies, have been blamed for adding to inflationary pressures felt worldwide due to supply disruptions arising from the Ukraine war and high oil prices. An example includes the rice monopoly granted by previous administrations to tycoon Syed Mokhtar's Bernas.
Related Story: Bernas — a moneymaking monopoly that paid RM670 mil in dividends in 2020
Previously, Rafizi said a stable inflation rate as well as increasing the purchasing power among the people is a critical component of the Madani Economy and this approach will be done inclusively for it to continue to ensure the people's well-being is taken care of.
He said the review would involve all sectors of the economy relating to APs and IPs, including the food industry.
"We cannot just pinpoint one sector as it involves the whole value chain. For example, if there is a limited number of importers for particular goods, we need to ensure that there is a player who is ready to take over and there is no disruption in the supply chain.
"This is why the ministry took about five months to develop the paper. We hope that this can reduce the monopolistic practices to ensure the market is more competitive," he said.
-Politics Now!
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