Buy local products and services to revive the economy

PETALING JAYA: The Electrical and Electronic Association of Malaysia (TEEAM) is urging the government to promote the purchase of local products and engineering services to help revive the economy.

It a statement yesterday, TEEAM said doing so will bring the economy “back to its heyday”.

The Finance Ministry has a policy in place based on its circular PK1 “Punca Kuasa, Prinsip dan Dasar Perolehan Kerajaan” effective Jan 15.

The government should lead by example and enforce all government agencies and government-linked companies to promote a buy local first policy.

“The chain effect is tremendous when the local industries and private sectors are also promoting the same.”

By doing so, TEEAM said the Malaysian economy will be able to revive and get back on track in the shortest period, adding that this would help increase the local industries’ productivity and exports and benefit the economy in the long term.

“TEEAM as a trade association for the electrical and electronic industries strongly promotes buying local products and services.”

It added that the movement control order, which was imposed on March 18 to tackle the rising number of Covid-19 infections, had severely affected companies’ cash flow and revenue,

“With this unprecedented situation, various economists have reported and government agencies have highlighted that the world is going into recession and Malaysia’s gross domestic product growth is forecast at minus 2.5% for 2020.”