Policy to reduce monopolies is ready: Rafizi

PUTRAJAYA: 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.

Economy Minister Rafizi Ramli said it is currently making arrangment for submission to the NEAC.

"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 told a press conference here today.

The review of reducing or limiting APs and IPs in the country is expected to reduce the prices of goods, consequently increasing the purchasing power and easing the inflation effect.

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.

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