KUALA LUMPUR, May 18 — The move to have free and open food import markets is set to boost the nation’s economic efficiency, experts said.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said Malaysia relied heavily on imports of food products for local consumption, hence, any form of liberalisation that facilitated the trade of foodstuffs is welcome, particularly, if the move would open up business opportunities for local entrepreneurs.
According to the Department of Statistics Malaysia , imports of food accumulated to RM482.8 billion for the last 10 years while exports amounted to RM296 billion. It said Malaysia is also highly dependent on imports of mutton, mango, coconut and beef to meet domestic demand.
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