KUALA LUMPUR, Nov 6 ― Malaysia’s top four glove manufacturing companies have agreed to collectively contribute RM400 million in their effort to assist the government in curbing the spread of Covid-19 including to fund vaccine procurement.

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the companies ― Top Glove Corporation Bhd, Hartalega Holdings Bhd, Supermax Corporation Bhd and Kossan Rubber Industries Bhd ― have all voiced their commitment to contribute the aforementioned amount.

"The RM400 million includes part of the Covid-19 vaccine cost and health equipment expenses.

"The government greatly appreciates the commitment of the private sector, NGO and individuals who all contribute together towards the effort [to fight Covid-19],” he said in his Budget 2021 speech here.

Tengku Zafrul also said the government would be strengthening the Health Ministry’s Off-Take Agreement Programme, in an effort to enable Malaysia to become an investment destination for locally produced vaccines, medicines and medical devices.

An off-take agreement is an arrangement between a producer and a buyer to purchase or sell portions of the producer's upcoming goods.

"In addition, the government will provide incentives including preferential tax rate of zero to 10 per cent for 10 years to encourage manufacturers of pharmaceutical products including vaccines to invest in Malaysia,” he said.

Earlier, he said the government was committed to acquire Covid-19 vaccine supplies, including through participation in the Covid-19 Vaccine Global Access (Covax) programme.

"These Covid-19 vaccine supplies are expected to cost more than RM3 billion to meet the needs of Malaysians,” he said.