Malaysia: Local producers' incentives to be continued until refined white sugar price mechanism is finalized, says MOF

Published 2024년 7월 16일

Tridge summary

The Malaysian Ministry of Finance has announced that local sugar producers will continue to receive incentives until a new price mechanism for refined white sugar is established. These incentives, which were introduced in November 2023, are temporary and are designed to ensure a stable supply of sugar for domestic consumers. The ministry also explained that the import quota allowed for 557,080 tonnes of sugar in 2023, but only 7.47% of this was actually imported due to the high international price of refined white sugar.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

KUALA LUMPUR (July 16): The government will continue to provide incentives to local sugar producers, until it finalises the new price mechanism for refined white sugar, said the Ministry of Finance (MOF). The ministry said the provision of incentives to local sugar producers started in November 2023, but it is not permanent or a long-term assistance. "The granting of this incentive is temporary to ensure a stable and continuous supply, especially to domestic consumers (households and micro-entrepreneurs), until the government finalises the new price mechanism for refined white sugar," said the ministry in a written reply on Monday to a question from Datuk Seri Dr Wee Ka Siong (Barisan Nasional-Ayer Hitam), who asked for an explanation regarding financial incentives of RM42 million per month to all sugar manufacturers in Malaysia from November 2023, and to what extent the financial incentive will be continued or abolished by the government in Budget 2025. In 2023, to help ...

Source: Theedgemarkets