The Malaysian Year-End Sales 2010 (M-Yes) hopes to raise sales of RM16 billion following the abolition of import duties on 300 tourism-related products, said Tourism Minister Ng Yen Yen.

She said the abolition of the import duties for haute couture, fashion accessories, jewellery, and cosmetic products would help to attract both local and foreign shoppers to the sales carnival.

When tabling Budget 2011 in Parliament in Sept, Prime Minister Najib Abdul Razak had announced the abolition of import duties for 300 tourism-related goods such as cosmetics, handbags, gadgets and jewellery.

NONE "We also want to encourage investors to invest in the shopping sector and make Malaysia a major shopping destination in the world.

"By doing so we are making it attractive for tourists to spend more and stay longer in Malaysia," Ng ( right ) said during the official opening of Fahrenheit 88, in Kuala Lumpur today.

She also said that the ministry allocated RM20 million every year to promote shopping.

"It includes advertisements, promotions, and launching Malaysian tourism products all over the world," she added.

Hence the shopping industry as a sub-sector of the tourism industry has a significant role to play in the economy.

"Shopping holds the second biggest share of tourist expenditure after accommodation with its contribution at RM15.1 billion in 2009 compared with RM13.3 billion in 2008, signifying an increase of 13.7 percent.

"It constitutes about 28.3 percent of total tourist expenditures in 2009 compared to 26.8 percent in 2008," she said, adding that the ministry targeted the figure to reach 35 per cent by 2020.

- Bernama