KUALA LUMPUR, March 8 (Bernama) -- The 1Malaysia People's Shop (KR1M) 2.0 initiative will drive business networks in the country to lower the prices of goods, the Dewan Rakyat was told today.
Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin said it was seen as a positive competition in the retail sector and at the same time offering a wide range of consumer goods.
"In KR1M 2.0, three business models are introduced, namely, strategic cooperation between the government and the manufacturers, producers and distributors; owner operated business and co-branding.
"KR1M has three phases of implementation, namely, supermarkets, convenience stores and independent retail outlets, which is very comprehensive and capable of inculcating positive impacts to address the rising cost of living," he said.
He was replying to a supplementary question from Idris Ahmad (PAS-Bukit Gantang) on 'the strategy to ensure the price of goods sold lower than the market price in the Ministers' Question Time.
Launched last month, KR1M 2.0 was a rebranding exercise from the original KR1M, and has adopted a new model that is more open and competitive, as well as providing opportunity for more retailers to participate.