RM10m for MyCC to combat price cartels - acting minister

 The RM10 million allocation for the Malaysia Competition Commission (MyCC) under Budget 2024 will be used to overcome cartels and price manipulation, said Armizan Mohd Ali.

The acting minister of domestic trade and cost of living said his ministry is committed to implementing the targeted subsidy agenda, especially in the context of monitoring and enforcement to reduce subsidy leakages.

“The ministry will take proactive measures to ensure the interests of consumers are protected while the domestic retail and trade sector continues to expand,” he said in a statement today.

Armizan said Budget 2024, tabled by Prime Minister Anwar Ibrahim yesterday, touched on intensifying the Kempen Beli Barangan Malaysia (Buy Malaysian Goods Campaign) with a RM12 million allocation to ensure the popularity of local products.

He said there was also a RM10 million allocation to expand franchise trade through the Strengthening Franchise Development programme to boost exports.

This would serve as a platform for local franchisors to promote Malaysian businesses and brands in the international market, he explained.

On the RM200 million allocation for the Jualan Rahmah and Pasar Rahmah programmes, Armizan said it was to enable low- and medium-income segments to access basic necessities at a lower price.

“The welfare of rural residents will continue to be given attention by ensuring a ready supply of basic essential goods through the Essential Goods Distribution Programme, LPG, and Community Drumming.

“A sum of RM225 million has been set aside to fund existing programmes, including expansion to new areas like Abai Zone, Sandakan, Sabah, and Engkerabai, Mukah, Sarawak,” he said.

He said his ministry welcomed Budget 2024 as it focused on implementing economic reforms and empowering the people.

Combatting price cartels

Meanwhile, Armizan told reporters in Kuala Terengganu that his ministry, through MyCC, will increase the number of investigating officers to prevent companies from collaborating to hike prices indiscriminately.

“So far we have 17 investigating officers at MyCC and it needs to be increased to help the government tackle issues related to cartels, such as cheating in biddings and leakages in tendered projects,” he said.

He was speaking after launching the Terengganu state-level National Sports Day 2023 at Dataran Batu Buruk today.

- Bernama