Malaysian sources report that the Malaysian Ministry of International Trade and Industry is considering the removal of import duties on raw materials and unfinished products to be used for domestic manufacturing activities, in a bid to provide some relief to the country amidst the global economic slowdown.
As per reports, Trade Minister of Malaysia, Muhyiddin Yassin, has said that 438 products, including iron and steel, petrochemicals, textile, food and machinery, used in domestic manufacturing will be exempted from import duties and that this adjustment will be temporary but will remain in effect if needed.
Currently raw material import duties in Malaysia vary in a range of five to 30 percent.