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ECONOMY
STRATEGY
clcl WINDS OF CHANGE
PEMANDU is leveraging Malaysia’s growth momentum to lay a strong foundation for sustainable development leading up to 2020 and beyond.
YB Senator Dato’ Sri Idris Jala
Minister in the Prime Minister’s Department and CEO, PEMANDU
Over the years, Malaysia has undergone a sea change from being an agrarian and commodity-based economy to being a nation banking on advances in education, health and infrastructure. Having graduated into middle- income ranks, the Government is already charting the course for the future ahead. Prioritising the target of achieving a high-income economy by 2020, PEMANDU (Performance Management & Delivery Unit) has been assigned to administer the implementation and review the progress of the Economic Transformation Programme (ETP) and Government Transformation Programme (GTP).
need to achieve a cumulative, inclusive and sustainable high-income nation without having future generations bear the brunt.
SUSTAINABLE DEVELOPMENT
In its pursuit to upgrade Malaysia to a high-income nation in the next decade, PEMANDU has embarked on two programmes—ETP and GTP.
will capitalise Malaysia’s competitive edge by shifting towards private-sector
focused on 12 National Key Economic Areas (NKEAs), announced in the 10th Malaysia Plan, comprising 11 economic
target is to achieve a gross national income (GNI) of USD523 billion in 2020, thereby enabling Malaysia to achieve GNI per capita of at least
a GNI growth of at least 6% per annum over the next decade. Furthermore, through this programme nearly 3.3 million new jobs are expected to be generated by 2020 in rural and urban areas, thus uplifting the standard of living of the low-income households.
after its commencement with nearly USD12 billion worth of investment secured already through 18 new
investment by Tanjung Agas Supply Base & Marine services; a USD1.3 billion capital expenditure commitment by Tenaga Nasional; a USD600 million commitment by German- based LFoundry; the construction of the USD400 million St. Regis Hotel; and Schlumberger’s USD100 million regional financial hub. In fact, the quantum of foreign direct investments has increased to about USD5.4 billion in the first 9 months of 2010, as compared to about USD1.5 billion for the whole of 2009. “Five incentives undertaken under the Petroleum Income Tax Act (PITA) are expected to generate incremental petroleum revenue of about USD19 billion over the next 20 years,” exhorts Minister in the PM’s Department and CEO PEMANDU, YB Senator Dato’ Sri Idris Jala.
THE POWER OF CHANGE
Result Areas (NKRAs) earmarked for development, which include reducing the crime rate, combating corruption, improving education outcomes,
raising living standards of low-income households, improving basic rural infrastructure and improving urban public transport.
Malaysia can be a natural gateway for Arab investments.
PEMANDU has made significant headway in the NKRAs reflected in the fact that to date total crime in the country has been curtailed by 16% and street crime by 37%. In addition, urban public transport in the Klang Valley has shown considerable progress with nearly 2.21million increase in Light Rapid Transit ridership and 127% improvement in Express Bus Transit ridership.
SYNERGY WITH THE GCC
been, a very important market for Malaysia, both as a source of and
has been significant Arab investment in financial services and real estate in Greater Kuala Lumpur as well as in Iskandar Malaysia. Correspondingly, various Malaysian companies are also actively involved in the construction, engineering and oil & gas sectors, property development, halal food and healthcare in the GCC. Many win- win collaborations can be established between these two regions and I urge entreprises and high net worth individuals from both sides to seize these opportunities,” adds YB Senator Dato’ Sri Idris Jala.
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