No overnight price reduction

Kota Kinabalu: Much is still to be done to ensure a reduction in the prices of goods and the work will begin when the Cabotage policy exemption on Sabah, Sarawak and Labuan is implemented beginning next month.

Federation of Sabah Industries (FSI) Honorary Life President Datuk Seri Wong Khen Thau said the public must have a clear understanding that the Cabotage policy is not just about freight charges but also other issues.

“The Cabotage policy is not solely about price reduction but also about fair prices and fair competition and their effects on the growth of the manufacturing and other sectors in the country.

“We believe the so-called reduction in price will not be happening overnight as claimed by many quarters,” he said during a joint press conference, here, Thursday.

Among those present were representatives of FSI, Sabah Housing and Real Estate Developers Association, Sabah Timber Industries Association, Malaysia Plastic Manufacturers Association (Sabah), Malaysian International Chamber of Commerce and Industry (Sabah), Kota Kinabalu Chinese Chamber of Commerce and Industry, Kota Kinabalu Forwarding Agents Association, Kota Kinabalu Container Lorries Association, Sabah Employers Association and Auto Traders Association of Sabah.

“Prices of goods will not drop immediately beginning June 1 as this is not a tax policy. It will take some time for the momentum to build up and if we are lucky, we may see some changes in prices a month after.

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