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Govt to come up with balanced solution on fuel subsidy

05/10/2018 03:12 PM

KUALA LUMPUR, Oct 5 (Bernama) -- The government is evaluating the most balanced solution on fuel subsidy for RON95 next year when it is not too inflationary for the nation and yet remains accommodative for the people.

Minister of Entrepreneur Development Mohd Redzuan Md Yusof said the government is currently in the midst of discussing subsidies allocation for 2019, including fuel subsidy, which is scheduled to be announced during the 2019 Budget announcement on November 2.

“We are still drafting it (2019 Budget). We still have not come to a number (for subsidy)...Whether there will be an increase or decrease (in the fuel subsidy). This is something that we will see in Parliament (during 2019 Budget). We are trying to make estimation on how it’s going to impact on our economy.

“We are also heading towards reducing our status as consuming nation. There will be an increase in development expenditure (in 2019 Budget) as we are moving towards a producing country,” he told reporters after officiating the launch of Beautyexpo 2018 here today.

Beautyexpo 2018, organised by UBM Asia, will see the participation of more than 380 international and local exhibitors representing brands in the areas of beauty, hair, nail, make-up and education, natural and health, and halal cosmetics from 30 countries including Belgium, Japan, South Korea and Thailand.

The four-day event, starting today, expects to draw an estimated 17,500 unique visitors for products sourcing, networking and to participate in industry programmes covering all aspects of the beauty industry.

The expo is supported by leading health and beauty associations such as the Association of International Aesthetician, Association of Malaysian Spa, AllStar Barber Connection and Korea Cosbeauty Cooperative Association.

UBM Asia Group Managing Director (ASEAN Business) Senior Vice-President M.Ghando said Southeast Asia remained a growth market for the cosmetics and beauty sector.

“According to Euromonitor, the market for cosmetics and personal care products in ASEAN countries will continue to grow at an average rate of 4.0 per cent per annum to reach a total of US$19 billion (US$1 = RM4.14) by 2019.

"This platform (Beautyexpo 2018) showcases international products, current market trends and latest innovations as well as providing a seamless experience for trade buyers,” he added.


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