The key points of the 10th Malaysia Plan.
- During the 10MP, the gross national income per capita is targeted to increase to RM38,850 ringgit, or US$12,140, in 2015. This requires achieving real GDP growth of 6 per cent per annum. Growth will be led by the services.
- 10MP based on 10 ideas: First: Internally driven, externally aware.
Second: Leveraging on our diversity internationally.
Third: Transforming to a high-income nation through specialisation.
Fourth: Unleashing productivity-led growth and innovation.
Fifth: Nurturing, attracting and retaining top talent.
Sixth: Ensuring equality of opportunities and safeguarding the vulnerable.
Seventh: Concentrated growth, inclusive development.
Eighth: Supporting effective and smart partnerships.
Ninth: Valuing our environmental endowments.
10th: Government as a competitive corporation.
- To achieve the aspirations of the 10MP, five key strategic thrusts have been identified. The five thrusts are:
First: Designing Government philosophy and approach to transform Malaysia using NKRA methodology;
Second: Creating a conducive environment for unleashing economic growth;
Third: Moving towards inclusive socio-economic development;
Fourth: Developing and retaining a first-world talent base; and
Fifth: Building an environment that enhances quality of life.
- The Government will focus on efforts to develop non-physical infrastructure, including human capital development such as skills development and strong innovation capabilities. The 10MP allocation for non-physical infrastructure will be increased to 40 per cent, compared with 21.8 per cent in the 9MP. Focus will be given to skills development programmes, R&D activities and venture capital funding geared towards promoting a higher level of innovation in the country.
- The main approach in transforming to a high income economy will be to adopt strategies based on specialisation, given that strong and sustainable competitiveness is difficult to achieve without specialisation. This Plan will focus on 12 national key economic areas or NKEAs which have potential to generate high income. Apart from 11 sectors, Greater Kuala Lumpur has also been selected as an NKEA as it has the potential to become a world-class city that can be a driver of economic growth. Details of the NKEA will be finalised in the Economic Transformation Programme, which will be announced in October.
The NKEAs are: (i) Oil and gas; (ii) Palm oil and related products; (iii) Financial services; (iv) Wholesale and retail; (v) Tourism; (vi) Information and communications technology (ICT); (vii) Education services; (viii) Electrical and electronic; (ix) Business services; (x) Private healthcare; (xi) Agriculture; and (xii) Greater Kuala Lumpur.
An Economic Transformation Unit will be established to plan and coordinate the implementation and development of the NKEAs.
- The achievement of the 6 per cent per annum growth target for the 10MP period requires a significant leap in investment activities led by a more dynamic private sector. To achieve this goal, the Malaysian Investment Development Authority (MIDA) has been corporatised and rebranded.
In addition, business regulations which are outdated will be abolished. Towards this end, the Malaysian Productivity Corporation (MPC) will be restructured to spearhead a comprehensive review of business regulations and improve processes and procedures to increase productivity and competitiveness of major economic sectors.
- Healthy competition is needed to make the economy more efficient and dynamic. For this, the Competition Law will be introduced to provide a regulatory framework against market manipulation and cartel practices that may affect market efficiency. A Competition Commission and Appeal Tribunal will be established to ensure more orderly and effective implementation of the law.
- Smart and effective partnerships between the public and private sectors will be established to drive the economic transformation agenda. This new wave of public-private partnership (PPP) will ensure equitable sharing of risks and returns.
To date, 52 high-impact projects have been identified for implementation. These include:
First: Seven highway projects at an estimated cost of RM15 billion. Among the projects are the West Coast Expressway, Guthrie-Damansara Expressway, Sungai Juru Expressway and Paroi-Senawang-KLIA Expressway;
Second: Two coal electricity generation plants at an estimated cost of RM10 billion; and
Third: Development of the Malaysian Rubber Board.s land in Sungai Buloh, Selangor covering an area of 3,300 acres at an estimated cost of RM10 billion.
- An important measure in the 10MP is improving the method of financing for public venture capital companies. Currently, government financing for public venture capital companies, such as the Malaysian Technology Development Corporation and Malaysian Venture Capital, is provided through long-term loans. In this Plan, financing will be in the form of equity to match the risk profile of venture capital investment. For this purpose, the Mudharabah Innovation Fund (MIF), with an allocation of 500 million ringgit, will be introduced to provide risk capital to government venture capital companies. To bridge the financing gap between the early stage of commercialisation and venture capital financing for high tech products, the Government will set up a Business Growth Fund with an initial allocation of 150 million ringgit. The aim of this fund is to support these companies until they can generate sufficient commercial value to attract venture capital financing and other forms of financing.
- To ensure that the SMEs have better access to financing facilities, the Government established the Working Capital Guarantee Scheme totalling RM7 billion and the Industry Restructuring Loan Guarantee Scheme totalling RM3 billion which I announced under the Second Economic Stimulus Package. The entire RM7 billion under the Working Capital Guarantee Scheme has been approved. In view of the encouraging response to the Working Capital Guarantee Scheme, the Government will provide an additional RM3 billion ringgit under 10MP, making it a total of RM10 billion.
- The Bumiputera development agenda will continue to be addressed in line with the concept of growth with distribution. In view of the increasingly challenging global and domestic economic environment, there is a need to transform the Bumiputera development agenda to enhance participation among competitive and resilient Bumiputera companies. This new approach will be based on four key principles: market-friendly, needs-based, merit-based and transparency.
-thestar.com.my
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