DPM lauds Budget 2024 as pivotal step in Malaysia's renewal journey
KUALA LUMPUR - Plantation and Commodities Minister Datuk Seri Fadillah Yusof has warmly received the budget announcement, recognising it as a pivotal step in Malaysia's renewal journey.
Fadillah, who is also Deputy Prime Minister, said that the presentation of Budget 2024 by Prime Minister Datuk Seri Anwar Ibrahim signifies the government's commitment to progress, as it aligns with the Malaysia Madani concept, which highlights rejuvenation for a prosperous, inclusive, and sustainable nation.
"Budget 2024 includes policy reforms centered on restructuring the economy to make Malaysia an Asian economic leader and improving the quality of life.
"It focuses on three main areas: sustainability, a prosperous society, and high-income status.
"This budget aims to enhance the competitiveness of the agri-commodity sector, transforming it into a high-growth, high-value (HGHV) industry using sustainable practices and advanced technology," Fadillah told a press conference.
Fadillah said that Budget 2024 allocates RM732.7 million to the Plantation and Commodities Ministry, covering management and development expenses.
This includes RM100 million for an Incentive Programme for Oil Palm Replanting, RM70 million to enhance palm oil sustainability, and RM10 million to support a pilot project for stimulant gas use to benefit rubber small holders.
"Budget 2024 also expands tax incentives for automation in the commodity sectors under us," Fadillah said.
He added that the Federal Government is committed to Malaysia Agreement 1963 (MA63) negotiations, sharing electricity supply control with Sabah, and transferring Bintulu Port and Rural Air Services (RAS) operations.
Fadillah also said that the budget reflects the government's determination to prioritise the well-being of Malaysians, particularly in Sabah and Sarawak, through increased allocations in 2024.
"Sarawak receives RM5.8 billion, and Sabah gets RM6.6 billion.
"This illustrates the Federal Unity Government's commitment to strengthening infrastructure development in both states," he said.
