THE vibrant growth of services sector, particularly the food and beverage (F&B) industry, is contributing significantly to the country’s economy, says Deputy Finance Minister Lim Hui Ying.
Speaking at the TLM Food Expo at Setia SPICE Arena in Bayan Lepas today. Lim noted that the services sector has long been a cornerstone of the nation’s economy.
“In 2023, the domestic F&B
industry achieved an impressive revenue of RM228.66 billion, with projections to grow at a compound annual rate of 7.95% from 2023 to 2027.
“Beyond these impressive figures, the F&B industry is a cultural and economic magnet. It attracts food enthusiasts, industry professionals, and tourists, creating employment opportunities and boosting the local economy.
“This continuous growth showcases the sector’s resilience and its integral role in driving our nation’s economic progress,” Lim said.
Regarding the expo, Lim acknowledged its pivotal role for local producers to connect with international buyers and distributors.
“It fosters networking, creates business opportunities, and encourages knowledge-sharing among industry professionals,” she said, noting that event featured over 150 exhibitors and an exciting line-up of talks and workshops.
In response to a reporter’s question on the hike of insurance premiums, Lim reiterated the government’s directive for insurers to cap medical premium increases.
“The insurers must limit annual premium for medical insurance hikes to 10%, ensuring they do not exceed 30% by the end of 2026,” she stated.
Also present during the event were TLM Event managing director Jack Wong.
Story by Edmund Lee
Pix by Muhamad Amir Irsyad Omar