04 Local News @ AGROBiz | September-October . 2024
Malaysia ’ s trade index shifts
04 Local News @ AGROBiz | September-October . 2024
Boosting Sarawak ’ s food security
SARAWAK is making strides in revitalising its agricultural sector , with a primary focus on pineapple and rice , as part of a broader effort to strengthen food security across Malaysia , said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu .
He underscored the government ’ s commitment to investing more in agriculture to ensure a stable and secure food supply for the future .
“ That ’ s why every time I speak , I always emphasise food security , so no one should question why the allocation for rice is so large ,” Mohamad stated .
He expressed confidence that Sarawak could lead the nation in food security initiatives significantly as the State ramps up its agricultural activities .
Speaking during a goodwill event with local fishermen , held as part of the Road to Malaysian Agriculture , Horticulture , and Agrotourism Exhibition ( MAHA ) tour , Mohamad encouraged Sarawakian entrepreneurs to take an active role in MAHA 2024 , on Sep 11-12 at the Malaysia Agro Exposition Park Serdang ( MAEPS ).
The minister also highlighted the critical role of the fishing community in sustaining the country ’ s food supply .
Malaysia ’ s trade index shifts
He noted : “ That ’ s why the government , through the Fisheries Development Authority of Malaysia , continues to provide fishermen ’ s livelihood allowance to 38,000 fishermen throughout Malaysia with an allocation of RM136.8 million . Out of that number , a total of 5,490 recipients are from Sarawak ,”
Furthermore , Mohamad pointed out that the government has extended various forms of assistance to Sarawak ’ s fishermen . These include the B40 fishermen ’ s capacity building programme , development of fishing facilities , large-scale expansion projects for fishermen ’ s associations , upgrades to jetty infrastructure , economic development projects for clustered fishermen ’ s associations , and the agro-food mechanisation and automation programme .
IN July 2024 , Malaysia ’ s export prices dipped by 0.6 per cent , bringing the index down to 150.2 points from 151.2 points in June , as reported by the Department of Statistics Malaysia ( DOSM ). In contrast , import prices saw a slight rise of 0.3 per cent , reaching 130.4 points .
Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin explained that the drop in export prices was primarily due to decreases in the indices for mineral fuels , animal and vegetable oils , fats , and miscellaneous manufactured articles .
Despite this , the export volume index showed growth of 4.7 per cent , driven by higher volumes of animal and vegetable oils and fats , chemicals , and other manufactured goods .
On the import side , DOSM reported that the increase in the unit value index was mainly attributed to rises in the indices for mineral fuels and food . The import volume index also saw a significant boost , climbing by 11.3 per cent from June 2024 , spurred by higher volumes of food , machinery , transport equipment , and manufactured goods .
However , Malaysia ’ s terms of trade decreased by 0.9 per cent month-on-month to 115.2 points in July 2024 . This decline was influenced by drops in the indices for mineral fuels , animal and vegetable oils , fats , and miscellaneous manufactured articles .
Group photo during the launch of the Sarawak AgriFoodTech event .
Addressing global and regional challenges
SARAWAK has embarked on a transformative journey to become a global leader in sustainable agriculture with the launch of the RM100 million Sarawak Agri- FoodTech Sustainability Impact Fund .
This ambitious initiative , created in collaboration with Borneo Ventures Link ( BVL ) and First Frontier Ventures ( FFV ) under the aegis of the Ministry of International Trade , Industry , and Investment ( MITI ), represents a crucial step in advancing Sarawak ’ s sustainable food and agriculture sectors .
Sarawak Premier Tan Sri Abang Johari Openg , emphasising the strategic importance of the fund , noted : “ The RM100 million Sarawak AgriFoodTech Sustainability Impact Fund is not just a financial investment but a key initiative in transforming our agri-food sector and establishing Sarawak as a global leader in innovation .”
The fund , the first of its kind in Malaysia , is designed to drive advancements in agri-food technology , promoting food security , nutrition , and economic growth . Abang Johari highlighted the necessity of this fund in addressing global and regional food security challenges , especially considering unpredictable climate conditions and increasing food demand .
CEO of BVL Datuk Dr Wan Khalik Wan Muhammad shared his excitement about the initiative , describing it as a “ transformative leap ” in the agrifood sector .
With the substantial fund size , the partnership with FFV aims to introduce groundbreaking technologies and support a new wave of agripreneurs committed to sustainable growth .
Founding Partner of FFV Sean Mak pointed out the broader implications of the fund , stating that : “ It is about creating economic opportunities , empowering local communities , and promoting environmental sustainability .”
The initiative is expected to create 30 new startups in Sarawak , with RM50 million in matching investment from FFV . These startups will be supported by the newly established Borneo Venture Studio , which will help them address local challenges with innovative agri-food technology solutions .
The selected startups will be recognised at the International Agrifoodtech Festival , scheduled for Nov 11-13 , 2024 , at Hikmah Exchange . This festival will showcase Sarawak ’ s efforts in modernising its food and agriculture sectors , solidifying the region ’ s position as a leader in agri-food technology transformation .
Abang Johari also stressed that the partnership with the Land Custody and Development Authority ( LCDA ), with its expertise in land management and agricultural development , is crucial to the success of this initiative , which aims to address regional food security challenges and advance agri-food technology in Sarawak .
The launch event was attended by several dignitaries , including Sarawak ’ s deputy ministers and key investment partners from various companies , highlighting the broad support and significance of this groundbreaking effort .