KUALA LUMPUR, March 8 — Minister of Economy Rafizi Ramli today said that the government plans to stop giving subsidies to industries that will not have an economic impact and instead will advise them of structural reform.
He said this will increase the competitiveness and robustness of the industry that is struggling.
“Currently, most industries depend on gas energy to run their business. What happens when gas prices skyrocket?
“A normal practice is to apply for a subsidy from the government to weather the storm. It is like giving pills to relieve the headache.
“However, this is not sustainable. Our approach now is to reform the structure of the industries for example advising them to use alternative energy such as biomass,” Rafizi told reporters after attending the Invest Malaysia 2023 conference.
He added that the government is open to discussions with all sectors and industries to work together.
“We have talked to a few industries about this and we are going sector by sector. We encourage every industry player to talk to us for the betterment of our economy,” said Rafizi.
