KUALA LUMPUR, July 15 (Bernama) -- The government continues 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 (BN-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 incentives will be continued or abolished by the government in Budget 2025.
In 2023, to help reduce the burden on local sugar producers, the ministry had allowed an approved permit (AP) for import quota of 557,080 tonnes to 43 eligible companies.
However, only 41,596 tonnes or 7.47 per cent were imported due to the high price of refined white sugar in the international market.
-- BERNAMA
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