Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah in his speech on Tuesday on the summary of Policy Debate on Supply Bill and Motion for the Development Fund on the sixth day of the First Meeting of the 22nd Session of the Legislative Council emphasised the importance of local support in domestic spending.
Local support for domestic markets, he expressed, “This may seem like a minor issue, but in reality, it has a significant impact on strengthening our national economy.”
He explained, “In any economy, consumer spending or household consumption is one of the main drivers of economic growth. When the people spend domestically, the money circulates within the local economy – supporting local businesses, helping small and medium enterprises grow, and ultimately creating job opportunities for local people. This is often referred to as the multiplier effect, where every expenditure can generates broader economic activity.”
However, he highlighted, “When a large portion of our spending flows abroad through the purchase of foreign goods or services, the positive effects on the domestic economy become limited. The money spent no longer circulates within the local economic system, thereby limiting opportunities to strengthen local enterprises and create jobs within the country.”
He added, “This does not mean we reject international trade; rather, it is about balancing spending so that a significant portion of economic value can remain and circulate within the country.”
In the long term, he shared, “Support for the domestic economy will contribute to more resilient, inclusive, and sustainable growth.
“Therefore, I would like to invite all segments of the society to come together to foster a culture that values and supports local products and services. With such small steps, each of us is actually contributing to the overall resilience of the national economy.”
(news source: Borneo Bulletin; pic source: Info Foto, Jabatan Penerangan)
