KOTA KINABALU - The cabotage policy exemption from June 1 will enable more entrepreneurs in Sabah to export their products at competitive costs.
Treasury Secretary-General Tan Sri Mohd Irwan Serigar Abdullah said it would also help boost their business potentials through marketing and branding.
"It is a good move. With this announcement, more entrepreneurs, particularly from Sabah, can send their products to Peninsular Malaysia at competitive costs.
"Certain quarters used to complain that the cost of doing business is too high. Hence, with this announcement (cabotage policy exemption), it would be easier for entrepreneurs, especially in Sabah to export their products," he told reporters after closing the third Gathering of Rising Entrepreneurs, Act Together (Great 2017) programme here today.
Irwan was asked to comment on the exemption of the cabotage policy in Sabah, Sarawak and the Federal Territory of Labuan which was announced by Prime Minister Datuk Seri Najib Tun Razak at the launch of the "Negaraku Expression" in Sandakan today.
Irwan said many products from Sabah such as stingless bee honey, seaweed and birds'' nests merely catered for the local market, and with the cabotage policy exemption, it would give the entrepreneurs an opportunity to venture abroad.
"Therefore, we expect the exports of Sabah''s products to surge, thus contribute to the growth of the state''s and national economy," he said.
Meanwhile, Irwan said the Treasury was in discussions with the Sabah government to identify a suitable site for setting up of the Entrepreneurial Blue Ocean City to nurture young entrepreneurs in developing their business potential.
"The site must be accessible to young people, including in terms of public transportation," he said, adding that the blue ocean entrepreneurship concept in Sabah was similar to that of Borneo744 in Kuching, Sarawak.
On the Great 2017, he said the two-day event, which featured 139 booths, attracted of over 8,000 people, far exceeded its target, and recorded RM30,000 in sales .