| Malaysia: Ministry of Finance may provide rebates to furniture exporters |
| 19/03/2009 - 16:41 |
Malaysia’s Plantation Industries and Commodities
Minister Datuk Peter Chin Fah Kui recently submitted a
proposal to the Ministry of Finance to provide rebates to
Malaysian furniture exporters as the export market
continues to dry up. The BTimes reported the proposal is
modeled on the Chinese government’s decision to give
rebates of between 11% and 13% to a variety of Chinese
furniture exporters. Chin noted the proposal was
important, since the furniture industry provides the highest
added value to the local timber industry.
Mr. Chin also forwarded an appeal to the Ministry of
Finance to waive import duties on furniture parts and
components. Presently, import duties are imposed on furniture parts and components. However, import duties
are not imposed on fully assembled furniture. Thus, prices
of Malaysian furniture exports remain uncompetitive in
the current market.
Minister Chin added that the ministry was also looking
into the possibility of issuing work permits for foreign
workers to be exchangeable between different furniture
factories. The local furniture industry is highly dependent
on cheap foreign labor as it is highly labor intensive and
work permits issued are not transferable. This creates an
added labor cost to companies as they must bear the cost
for new work permit applications.
MIFF flooded with constructive messages
According to Bernama, Deputy Ministry of International
Trade and Industry Jacob Dungau Sagan said the
Malaysian furniture industry should target higher end
markets to weather the global economic downturn, during
his remarks at the recent Malaysian International Furniture
Fair (MIFF) 2009. He noted that Malaysia’s total furniture
trade stood at RM10.17 billion at end 2008, a 3% increase
over 2007. Furniture exports stood at RM8.7 billion, an
increase of 2% compared to 2007 levels.
Although it was hoped MIFF 2009 would generate sales of
at least the same amount as in 2008, the publication
Furniture Today reported that massive floods hit the area
surrounding the venue late in the day on 3 March 2008.
Despite the floods, almost all exhibitors were moved into
another exhibition center unaffected by the floods the next
day and the fair continued. MIFF 2009 was set to be held
from 3—7 March 2009, at the Putra World Trade Center
(PWTC) and MATRADE Exhibition and Convention
Center (MECC). |
| (ITTO's Tropical Timber Market Report) |
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