KUALA SELANGOR: The economic stimulus package to address the Covid-19 virus outbreak will focus on several economic sectors.
Economic Affairs Minister Datuk Seri Azmin Ali said it will include tourism, manufacturing, and construction sectors.
In addition, the package of economic measures would also look into strengthening domestic investments, as well as providing a boost to the local tourism industry by upgrading its products in order to attract more tourists nationwide.
He said based on the latest statistics, the tourism, retail and aviation sectors were among those which were heavily affected due to the coronavirus outbreak.
“Many tourists cancelled their hotel and flight bookings. In fact, events like seminars and conventions were also cancelled.
“Therefore, these sectors would be the main focus of our stimulus package,” he said at the handing over the keys to the ‘Laman Haris’ houses to the settlers here today.
Recently, it was reported that Prime Minister Tun Dr Mahathir Mohamad would announce the stimulus package on Feb 27, in an effort to lessen the impact of the COVID-19 virus on the nation’s economic sector which are reeling from the outbreak.
Azmin explained that focus would also be given to the domestic investments to ensure that the country would not be dependent too much on foreign direct investment (FDI).
Further, he said the construction sector would also need a boost as certain imported raw materials came from countries that are affected by the outbreak.
“The construction sector must be helped too because it can balance the Gross Domestic Products (GDP). In fact, the statistics showed that there is an increase from -1.5 per cent to one per cent in the fourth quarter last year.
Recently, Finance Minister Lim Guan Eng said the stimulus package is not part of the new 2020 Budget, instead it is an aid to help affected sectors.