RM10 mln allocation for MyCC for combating cartel practices - Armizan

KUALA LUMPUR - The RM10 million allocation for the Malaysia Competition Commission (MyCC) under Budget 2024 will be used to more effectively tackle and overcome the practices of cartels and price manipulation which negatively impact the people and the country, said Datuk Armizan Mohd Ali.

"The Domestic Trade and Cost of Living Ministry (KPDN) is committed to jointly implementing the targeted subsidy agenda, especially in the context of using monitoring and enforcement to reduce subsidy leakages.

"KPDN will take proactive measures to ensure the welfare and interests of consumers are protected while the domestic retail and trade sector continues to expand," the acting Domestic Trade and Cost of Living Minister said in a statement today.

Armizan said the Budget 2024, tabled by Prime Minister Datuk Seri Anwar Ibrahim yesterday, touched on efforts to intensify the Kempen Beli Barangan Malaysia (KBBM) with a RM12 million allocation to ensure that local products would be more popular among Malaysians.

He said there was also a RM10 million allocation under the budget for expanding franchise trade through the Strengthening the Franchise Development programme to boost exports, which would serve as a platform for local franchisors to promote Malaysian businesses and brands in the international market.

On the RM200 million allocation for the Jualan Rahmah and Pasar Rahmah programmes, he said it was to enable target groups from the low- and medium-income segments to have access to basic necessities at a lower price.

"The welfare of rural residents will continue to be given attention by ensuring a ready supply of basic essential goods through the Essential Goods Distribution Programme, LPG and Community Drumming. A sum of RM225 million has been set aside for funding existing programmes, including expansion to new areas like Abai Zone, Sandakan, Sabah and Engkerabai, Mukah, Sarawak,” he said.

He said KPDN welcomed Budget 2024 as it focused on efforts to implement economic reforms and empower the people.

Meanwhile, Armizan told reporters in Kuala Terengganu that KPDN through MyCC would increase the number of investigating officers to handle the price cartel issue to prevent companies from collaborating to hike prices indiscriminately.

"So far we have 17 investigating officers at MyCC and it needs to be increased to help the government tackle issues related to cartels, such as cheating in biddings and leakages in tendered projects,” he said after launching the Terengganu state-level National Sports Day 2023 at Dataran Batu Buruk today. - BERNAMA