Media Statement on Budget 2018

KUALA LUMPUR, October 27---The Budget 2018 takes a comprehensive approach in steering the nation towards sustainable socio-economic growth over the long term. Despite tabling a fiscally prudent budget, it is encouraging to note that the Government continues to prioritise and invest in critical capacity building initiatives for various industries.

Budget 2018 also sees greater efforts to accelerate export growth across high-value industries, having announced an allocation of RM150 million to MATRADE, MIDA and SME Corp for export promotion and market development grant.

With global oil and gas development activities expected to increase, following a couple of years of reduction spending, the export push set forth by the Government augurs well for the Oil and Gas Services and Equipment (OGSE) companies intending to capitalise on the pick-up in investment cycle.

OGSE has a key role to play in the push towards becoming a high-income status nation. Having built deep capabilities to serve requirements along the oil and gas value chain, the industry has diversified beyond Malaysian shores to secure projects in Asia Pacific and beyond. Combined with a continuous push to attract OGSE multinational companies to establish Malaysia as their gateway to the region, the country is well on its way to becoming the number one hub in Asia Pacific for OGSE.

As the industry continues to adapt to challenges from the low oil price environment, MPRC is committed in implementing initiatives that will support the rise of local firms on the global stage.

In delivering our mandate to position Malaysia as the main OGSE hub in this region, MPRC will continue to work closely with the relevant Government agencies, our stakeholders and other industry players to ensure effective implementation of initiatives.