KUALA LUMPUR: Total trade in the Multi-Level Marketing (MLM) industry is expected to reach RM10 billion by the end of the 10th Malaysia Plan (10MP), Minister of Domestic Trade, Cooperatives and Consumerism, Datuk Seri Ismail Sabri Yaakob said.For 2009, total trade is expected to be at RM5 billion.
“We are confident that this industry will resume expansion and continue to grow, although in 2008, total trade fell to RM4 billion from RM8 billion, previously,” he said at the awards ceremony of Hai-O Enterprise Bhd here last Saturday night.
Also present was Hai-O managing director, Tan Kai Hee.
Sabri said the MLM industry had the potential to expand even faster if it was regulated closely by an effective Act.
“In this respect, the ministry will table an amendment to the Direct Sales Act 1993 at the current sitting of Parliament.
“The amendment will make it easier for the ministry to act against companies or distributors who go against the said Act,” he explained.
Among the aims of the amendment is to make clear the meaning of the pyramid scheme and the prohibition for anyone to promote it, whether in printed form or via the internet and such,” Sabri said. —Bernama