15-06-2025
- Business
- New Straits Times
Cabinet to discuss impact of geopolitical conflicts on oil prices, food supply
BERUAS: The impact of ongoing geopolitical conflicts on oil prices and the national food import supply is expected to be discussed at the Cabinet meeting next week," said Agriculture and Food Security Minister Datuk Seri Mohamad Sabu.
He said the ongoing tensions involving several major powers have affected global oil market prices, which in turn have impacted the cost of imported food items from countries such as India, Pakistan, and China.
"Although we have not discussed the ongoing conflicts in depth, I believe their effects on Malaysia will be raised during next Wednesday's Cabinet meeting.
"I do not yet know the official agenda, but I am certain the matter will be addressed," he told reporters after visiting the Perak State Farmers Organisation cattle farm project in Kampung Tengah here today.
Mohamad said the Iran-Israel conflict is of particular concern, as its potential to spread to other countries remains unpredictable.
"At the moment, importing goods from Iran is difficult due to various sanctions.
"Most transactions have to go through third-party countries such as Dubai," he said.
Despite facing more than four decades of sanctions, Mohamad noted that Iran has made significant technological progress, especially in defence.
"This should challenge us. Iran has advanced despite sanctions. We are not under sanctions, yet there are many areas that we need to improve," he added.
He said Malaysian imports from Iran include dates, carpets and other household goods.
Mohamad stressed that the government is committed to finding the best solutions to ensure national food security is not compromised, especially amid global political and economic uncertainties.
On the effects of the current heatwave on padi cultivation, he said that 60 per cent of the country's rice production remains unaffected for now.
However, he added that adjustments to the paddy planting schedule may be required, depending on instructions from the relevant authorities and consultations with the Muda Agricultural Development Authority (Mada) and the Kemubu Agricultural Development Authority (Kada).
