KUALA LUMPUR: The government will unveil measures to improve the state of the economy as the ringgit continues to depreciate.
Deputy International Trade and Industry Minister Datuk Hamim Samuri said the depreciation of the ringgit, which is beyond the government’s control, could result in an economic downturn.
He advised people to refrain from panic-buying as this would dampen economic recovery efforts.
“Panic-buying will affect any steps taken by the government to bolster the economy. The prime minister will make an announcement about the new measures for the economy,” he said after the launch of the Malay Businessmen and Industrialists Association of Malaysia (Perdasama) 2014/2017 session, here, yesterday.
He said the current economy situation was different from previous crises as it was mainly caused by lower commodity prices.
Meanwhile, Perdasama, which has 15,000 members now, aims to recruit 5,000 more next year.
It focuses on education, employment, income, business and property as its primary drive.
It is also looking into penetrating the China market, where there is demand for food services.
Hamim called on Bumiputera businessmen to utilise the Internet for easier business communications with foreign consumers.
Vice-president Datuk Naim Mohamad said Malay businessmen must take initiatives to ramp up their manufacturing and production capabilities by making inroads into China’s consumer, food and services sectors.