PETALING JAYA: As the Russia-Ukraine war reaches its one year anniversary with little sign of abating, Malaysian industry players continue to be plagued by cost, supply and production challenges.
Federation of Malaysian Manufacturers president Tan Sri Soh Thian Lai noted that the ripple effect of the war continued to disrupt supply chains and commodity prices.
“The second most popularly noted area arising from the conflict was in supply chain disruptions ,” he said when asked for his comment on the impact on businesses from the war, which began on Feb 24 last year. To address the rising cost of living, he said FMM had proposed in Budget 2023 that the government establish a National Food Security Fund with a seed fund of RM1bil to aid in local food production and processing.
“The skyrocketing prices of most items were due to the hikes in oil prices, causing the logistics and shipping sectors, and especially the rakyat, to feel the burden,” he said. “The cost of our other non-ingredient expenses, from transportation to plastic bags, has also risen dramatically thanks to the rising cost of oil and gas supply globally,” he said.
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