12/10/2012 (Borneo Post) - The federal government will introduce new formula to counter problems of decreasing prices of major commodities like palm oil and rubber.

Deputy Prime Minister Tan Sri Muhyiddin Yassin said the formula would be introduced the latest by early next year after discussions with other producing nations like Thailand and Indonesia.

He said several measures had been taken by the government and also by the Minister of Plantation Industries and Commodities, in countering the decreasing prices of the affected commodities.

“It is not true that the government is not taking any concrete measures in countering the issue.

“The drop in the prices of the commodity is a world-wide problem, whereby importing countries which used to buy our products have their own economic problems and thus are facing insufficient funds to buy from us,” he said at the meet-the-people session at SK Nanga Merit here yesterday.

Muhyiddin said that with other assistances from the government, he was optimistic that they could help reduce the burden of the sector involved while waiting for the commodities prices to bounce back.

He said what was more important was that Malaysia could become a developed and industrialized nation in eight years’ time.

“By 2020 Malaysia will become a developed nation and its people would enjoy a better quality of life resulting from the fruits of development,” he said.

He added that the government would continue its various development programmes such as the Government Transformation Programme, to accelerate the economic development and to bring greater progress to all including those in the rural areas.

“This is part of the government’s pledges and much of it has been achieved,” he said.