He said the Government has allocated RM20 million under the 2019 Budget to help local manufaturers and service providers expand their markets besides encouraging Malaysians to buy locally-made goods.
"When they buy Malaysian products, they not only help local companies to increase their sales but also bring a positive impact on the national economy,” he said at the handing over of a cheque worth RM20 million for the Domestic Trade and Consumer Affairs Ministry (KPDNHEP) to implement the campaign.
Also in attendance was KPDNHEP Minister Datuk Seri Saifuddin Nasution Ismail.
Lim expressed optimism that local products and services can be on par with those offered by foreign companies.
"The Government is very concerned about the cost of living, and is committed to taking measures to ensure the cost of living is under control, besides incentives to enhance the people’s purchasing power and promote local business activities,” he said.
Lim said the Consumer Price Index (CPI) issued by the Statistics Department showed the inflation rate last year was one per cent, compared with 3.7 per cent in 2017.
This one per cent figure was the lowest in seven years, proving that price increases after the reintroduction of the Sales and Services Tax (SST) were lower compared with the 2.7 per cent in the year the Goods and Services Tax (GST) was introduced, he said.
"The Government will continue to work hard to ensure a low CPI can be enjoyed by the people and price increases are controlled, especially for essential items whose prices have gone up by more than the CPI,” he added.
Meanwhile, Saifuddin said the government’s “Buy Malaysian Products” campaign is a correct and significant move to balance and boost the domestic economy by promoting sales of local products and services.