The Cabinet meeting on Wednesday agreed to set up a Special Cabinet Committee to develop strategic measures in safeguarding Malaysia’s economy and the labour market impacted by the COVID-19 outbreak.

The Ministry of International Trade and Industry (MITI) in a statement here on Thursday said the committee aimed of striking a balance between Malaysia's economic priorities and the effective enforcement of the Movement Control Order (MCO).

"Other key focus areas of the committee include measures to sustain Malaysia’s economic engines, particularly the small and medium enterprises (SMEs) during the MCO and ensure effective mitigation efforts in addressing the displacement of labour force among Malaysians.

“The inception of the committee also reflects the government’s quick response to address issues highlighted by the rakyat and the Malaysian business community,” it added.

According to the statement, the committee will be co-chaired by Senior Minister (Economic Cluster), Datuk Seri Mohamed Azmin Ali and Senior Minister (Security Cluster), Datuk Seri Ismail Sabri Yaakob.

The committee will also comprise those involved in the nation’s economy and security.

The statement said MITI would also work with industry players from various sectors to gather insights from people on the ground.

It said the effort is key to ensure the committee will address specific issues facing the business community, particularly SMEs, manufacturers and investors.

"The committee is scheduled to convene its first meeting tomorrow, followed by the second meeting on Sunday," it said.

All suggestions and discussions from the two meetings will be presented to Prime Minister Tan Sri Muhyiddin Yassin at the Economic Action Council meeting on April 6.