MINISTRY ESTABLISHES SPV TO ASSIST BUMIPUTERA FURNITURE ENTREPRENEUR

SERDANG, Jan 29 (Bernama) -- The Primary Industries Ministry has approved the establishment of a special purpose vehicle (SPV) for Certified Timber and Credit Suppliers (CTCS) programme carried out by the Malaysian Timber Industry Board (MTIB), its minister Teresa Kok said today. 

The SPV according to her, would assist Bumiputera companies to get contracts to supply timber products to large and multinational corporations in the construction sector.

“This will directly promote the use of timber products in the industry,” she said during a book launching event at Universiti Putra Malaysia here, today.

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The government she said,  had also set several key performance indicators for the purpose of monitoring the programme.

“This effort can produce Bumiputera champions in the furniture industry,” she said.

The minister advised Bumiputera entrepreneurs to be more creative and innovative as well as to persevere in overcoming challenges in the timber industry.

 “The development of timber industry is important as the sector contributed significant income to the country and in generating jobs for the people. 

 “However, the contributions of Bumiputera entrepreneurs towards the total value of Malaysia’s timber exports is still low at RM6.63 million or less than one percent, ” she said.

The value of country’s timber export in 2018 was RM20.4 billion, a slight increase from RM23.2 billion recorded in 2017.

Last year, the country’s furniture industry exported RM7.07 billion worth of products, which was a decrease from the RM8.08 billion it registered in previous year.    

-- BERNAMA