Digital economy to control business: DPM

IPOH: Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi called on the business community to embrace the digital economy as the conventional methods are slowly being phased out.
"The traders including those in the small and medium industries should start conducting business through E-commerce. We must take a cue on the scenario in China where consumers no longer shop at malls which are empty.
"Consumers are buying products through online and using smart phones," he said in his speech at the opening of the 2017 National Mega Sales Carnival at Bulatan Amanjaya, here today.
"Physically, the credit cards and cash will not be used in transactions," he added.
The Mega Sales Carnival began on Nov 22 and will end tomorrow, Nov 26.
A total of 70 exhibitors are participating in the carnival. Some 250 booths had been set up offering various products and services.
"The new trend is part of the Fourth Industrial Revolution and we will see it in the next five to 10 years in Malaysia," Ahmad Zahid said. "The wholesale and retail index had increased 7.4%, while the sub sector of retail banking had gone up by 10.4%."
Meanwhile, Malaysia Book of Records representative Mohamad Shukri Hairon Nahar presented the recognition certificate for the longest food truck of 100, which joined a 130 convoy from Tanjung Malim.
The certificate was received by Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hamzah Zainuddin.
Ahmad Zahid, who is also chairman of the Cabinet committee to tackle the rising cost of living, also asked the ministry to check on soaring food prices.
"Its officers should conduct checks on middlemen who take extreme high profits which caused prices of goods to soar in the market," he added.