KUALA LUMPUR: Datuk Seri Anwar Ibrahim, in presenting the Mid-Term Review of Malaysia’s five-year development plan, stated that the country aims to achieve an annual gross domestic product (GDP) growth rate of at least 5% throughout the 12th Malaysia Plan (12MP) period. This target is based on two key factors: enhancing productivity by transitioning into high value industries, advanced technology, and highly skilled workforce, as well as collaborating with the private sector and academics to uplift the country’s productivity.
According to the Prime Minister, multifactor productivity (MFP) is projected to contribute an average of 42.8% towards Malaysia’s overall productivity, while labor productivity is expected to grow by 3.8% annually. Additionally, the government aims to attract more investments to establish Malaysia as an appealing investment hub.
To achieve this, the government plans to strengthen Malaysia’s competitive advantage by enhancing business regulations, particularly through the MyMudah unit. These efforts are expected to stimulate both domestic direct investment (DDI) and foreign direct investment (FDI). An anticipated growth rate of 6.4% per year in private investment is projected, with an average annual sum of RM300 billion in the latter half of the 12MP.
The government will also focus on five high-growth high value (HGHV) sectors, namely renewable energy, technology and digital, electrical and electronics, agriculture and agro-based, and rare earth industries.
Credit: The Star : News Feed
