Malaysia economy to gain RM20 billion from direct selling industry
KUALA LUMPUR, Nov 23 (Bernama) – The direct selling industry is expected to contribute RM20 billion to the growth of the Malaysian economy in 2020, the Minister of Domestic Trade & Consumer Affairs (MDTCA), Datuk Seri Saifuddin Nasution Ismail said.
In 2017, the industry contributed more than RM13 billion sales revenue with involvement from over four million of Malaysians from different society and status.
“Malaysia is listed in the top 10 of global direct selling industry and fourth rank in Asia with China on top, followed by South Korea and Japan,” added Saifuddin at the 25th Malaysian Direct Distribution Association (MDDA) annual dinner recently.
He said MDDA also worked closely with the government to minimize cases of scams related to Pyramid Scheme or Ponzi Scheme that affected the reputation of multi-level marketing companies in Malaysia.
“We are always concerned on the companies’ business ethics whereby all consumers reports will be looked into by the ministry regardless of their status,” Saifuddin added.
At the dinner, MDDA also signed an MoU with the Global Federation of Direct Selling Association (GFSDA) with representatives of direct selling associations from India, Philippines and Thailand – aiming to manage all direct selling companies.
The association also established its MDDA Academy to educate more Malaysians to improve their lives and have better income through direct selling.
Founded in 1993, MDDA is a non-profit organisation to promote ethical, responsive and excellent business conduct among its corporate members in the direct selling industry. More details at http://mdda.org.my
Original Article at http://www.bernama.com/en/news.php?id=1667963