Govt allocates over 100 mln to drive local creative industry

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz when tabling the Supply Bill 2023 in the Dewan Rakyat today said the government had allocated RM50 million for DEKAN and RM102 million for the Digital Content Fund.

"The government provides a Digital Content Fund to market the products of artists and encourage the production of more creative and fresh works," he said.

To support industry players producing creative content, he said contributions to the Film Community and Nationhood Film Development Fund under the National Film Development Corporation of Malaysia (Finas) would be given tax deductions.

"The government has also agreed to exempt import duty and sales tax on studio equipment and filming productions," he said.

Tengku Zafrul said the government would step up efforts to promote and preserve art, culture and heritage at the grassroots level with an allocation of RM25 million.

In the meantime, he informed that the government would implement three initiatives to encourage the production and purchase of local goods and services next year.

The first initiative is to intensify digitalisation and automation efforts, including through the promotion of e-commerce activities under the Malaysia External Trade Development Corporation (MATRADE), Majlis Amanah Rakyat (MARA) and the Malaysia Digital Economy Corporation (MDEC).

Tengku Zafrul said up to RM15 million would be allocated to empower franchise entrepreneurs under the vendor capacity development programme 2.0 as well as vendor research and commercialisation grants 2.0.

In addition, he said the government would provide RM10 million to encourage the purchase of locally made products through the Buy Malaysian Made Products Campaign.