KUALA LUMPUR, July 27 — The initiatives under the Madani Economy announced by Prime Minister Datuk Seri Anwar Ibrahim today are capable of boosting the economy and improving the country’s gross domestic product (GDP), Deputy Prime Minister Datuk Seri Fadillah Yusof said.

Fadillah, who is also the minister of plantation and commodities, said the agri-commodity sector is crucial for the country’s economy in creating job opportunities for the locals and increasing the nation’s GDP.

He said the ministry is ready to take steps by aligning programmes and activities to support these aspirations.

"With the global food crisis, it is essential for the country to continue strategising to avoid solely relying on the upstream commodity production but also diversify into high value-added downstream products,” he said in a statement today.

He said the ministry, through the Malaysian Palm Oil Board (MPOB), would intensify the production of hybrid palm breeds that could yield more oil using limited land areas, in line with the prime minister’s aspiration to optimise the use of existing agricultural land.

Fadillah said MPOB, as a research and development (R&D) institution, would continue to ensure that palm oil products are of high quality and sustainable, taking into account current challenges.

He said the ministry also welcomed Sarawak’s efforts in pioneering vehicles using hydrogen energy and CCUS (carbon capture, utilisation and storage) and supported the government’s initiatives in implementing sustainable nature conservation through the use of green technology.

Madani Economy is the latest economic framework announced by the prime minister to boost the Malaysian economy and provide revenue spillover to the people to enable them to enjoy a better quality of life. — Bernama