Boycotts have created opportunities for local businesses, says domestic trade minister

The boycott of Israel-linked brands has opened up opportunities for local businesses to flourish, domestic trade and cost of living minister Armizan Ali reportedly said. 

In addition, the boycott movement has helped increase demand for homegrown products, while enhancing innovation and fortifying the local economy. However, these local companies must ensure they fulfil the expected standards of quality and competitive prices, said Armizan according to The Star. 

The minister reportedly added that consumers are finding alternatives among local names as they are staying away from brands linked to Israel. These opportunities can be utilised by local entrepreneurs to introduce their brands to consumers, he reportedly added. 

Don't miss: KFC Malaysia keeps vow of silence despite being off the boycott list. Is it the right PR move? 

With an increase in demand for local goods, Armizan reportedly said that there are also incentives for local businesses to invest in research and development to produce more competitive products. 

This will not only create healthy market competition, but also help create jobs and strengthen the microeconomy, Armizan added. 

Just a day ago, the ministry of economy reportedly said that there has been an increase in the number of workers who have lost their jobs.

From January to May 2024, 22,315 workers lost their jobs, reported Malay Mail. This is in comparison to 18,026 for the same period in 2023. 

The job losses were reportedly due to business closures and downsizing, with many of the affected workers serving in the accommodation and food service activities sector. 

One recent example includes the shuttering of 108 KFC outlets in Malaysia in April this year. Kelantan was the hardest hit, with nearly 80% or up to 21 branches temporarily shut. 

This was reportedly followed by 15 outlets in Johor, 11 branches in Selangor, 11 in Kedah, and 10 in Shah-Alam. 

Photo courtesy Armizan Ali, Facebook.

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