Prime Minister Tan Sri Muhyiddin Yassin has launched the Buy Malaysia campaign, along with the annual Mega Sale promotion, in a bid to revive the local economy that was subdued by the Covid-19 pandemic.
In launching the initiatives, Tan Sri Muhyiddin also urged the Malaysian public to “spend for Malaysia”, stating that every ringgit spent – especially on local products – will help maintain the competitiveness of the nation’s economy. “By spending, it will create a multiplier effect on the economy, create more job opportunities, and increase the people’s income,” he said.
The prime minister further explained that the government is now focused on boosting the domestic economy through the Buy Malaysia campaign as it wishes to reduce the nation’s dependence on imported products. This is seeing as the pandemic has also taken a toll on the global economy, causing cashflow problems in both SMEs and multinational corporations alike.
To recap, the Buy Malaysia campaign is an initiative that was introduced as part of the PENJANA economic recovery plan. With an allocation of RM20 million, it is intended to increase the visibility of Malaysian wares in hypermarkets and e-commerce platforms, as well as to boost the consumption of local products and services.
“Malaysia must have the capability to produce critical products such as food and beverage, medical devices, medicine, petrochemical products as well as personal protection equipment such as masks and gloves. With such capability, we can reduce currency outflow and subsequently boost export of local products,” said Tan Sri Muhyiddin.
Tan Sri Muhyiddin also noted that the domestic tourism sector could help to revive the economy. This is especially since statistics showed that as much as RM103.2 billion revenue was generated from 239.1 million domestic tourists alone in 2019.
Additionally, the prime minister said that this is not the first time the Buy Malaysia campaign has been implemented in the country. The Malaysian government had previously introduced a similar programme in 1984. “The spirit of the ‘Buy Malaysian Products 2020’ campaign is similar to the one in 1984, aimed at promoting domestic spending,” he said.
The latest Buy Malaysia campaign will see the Domestic Trade and Consumer Affairs Ministry collaborating with nine other ministries to carry out the necessary steps and promotions. Other players – such as the Malaysia Retailers Association, Malaysia Retail Chains Association, Federation of Manufacturing of Malaysia, Malaysia Shopping Malls association, major retailers, and e-commerce platforms – may also be roped in to assist the effort.