The Malaysian government has recently set up a National Export Council in a bid to boost competitiveness in the field following the devaluation of its currency.

Palm oil is a major contributor to Malaysia's export growth

Second Minister of Finance, Ahmad Husni Hadnazlah, said the council will focus on seeking new export markets, improving product chains and logistics and ensuring export quality and output.

Many of Malaysian exports have reached their final destinations via an intermediate country, he added. In the coming time, the nation plans to increase the direct export of its commodities for higher profit, the minister said.

On the other hand, Malaysia is carrying out a comprehensive research into the devaluation of the Ringgit and its impacts on the economy.

(Source: VNA)