KUALA LUMPUR, Oct 27 — The Budget 2018 offers a comprehensive approach in steering Malaysia’s sustainable socio-economic growth over the long term, said the Malaysia Petroleum Resources Corp (MPRC) today.

The agency said the budget saw greater efforts at accelerating export growth across high-value industries, through the allocation of RM150 million to the Malaysia External Trade Development Corporation, the Malaysian Investment Development Agency and SME Corp, for export promotion and as market development grants.

With global oil and gas development activities expected to increase, following a few years of reduced spending, the export push set forth by the government, augurs well for the oil and gas services and equipment (OGSE) companies intending to capitalise on the pick-up in the investment cycle, it added.

"Despite tabling a fiscally prudent budget, it is encouraging to note that the government continues to prioritise and invest in critical capacity building initiatives for various industries,” MPRC said in a statement today.

As the industry continues to adapt to challenges from the low oil price environment, MPRC said it is committed to implementing initiatives that support the rise of local firms on the global stage.

"In delivering our mandate to position Malaysia as the main OGSE hub in this region, MPRC will continue to work closely with the relevant government agencies, our stakeholders and other industry players to ensure effective implementation of initiatives,” it added. — Bernama