12MP will be the catalyst for sustainable economic growth, according to MITI


KUALA LUMPUR (September 28): The 12th Malaysia Plan (12MP) will be a catalyst for sustainable economic growth for Malaysia after the Covid-19 pandemic hampered efforts that have been implemented so far.

Senior Minister Datuk Seri Mohamed Azmin Ali, who is also Minister of International Trade and Industry, said the 12MP comprehensive plan would boost the economy to a higher level, generate rapid growth and be able to create the wealth that would be shared by Keluarga Malaysia.

He said the 12 MP introduced by Prime Minister Datuk Seri Ismail Sabri Yaakob to Parliament on Monday September 27 was an extension of the hard work of former Prime Minister Tan Sri Muhyiddin Yassin who began to engage with various parties as a inclusive measure.

He said the RM400 billion allocation shows the government’s commitment to meet the challenges of a vibrant global economy.

“The 12MP foresees an average annual private investment target of RM 258 billion and to achieve this target, the Ministry of International Trade and Industry (MITI) will strengthen the country’s economic fundamentals by focusing on promoting open, transparent and business-friendly trade and investment, “he said in a statement Tuesday.

Mohamed Azmin said the government would also ratify the Regional Comprehensive Economic Cooperation Agreement (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which would give wider market access to local industries.

He said the five-year plan also focused on developing new growth sectors to sharpen the country’s economy in line with MITI’s efforts, including the development of the Fourth Industrial Revolution (4IR), environmental, social elements and governance (ESG), halal and aerospace. Industries.

“This is in line with the National Investment Aspirations Policy (NIA) aimed at attracting high-impact, high-tech foreign investors to enhance Malaysia’s competitiveness and attractiveness as an investment center. regional, ”he said.

He said the prime minister’s focus on making Malaysia a carbon neutral country by 2050 was in line with the NIA’s drive to accelerate green growth with a greater focus on ESG .

In implementing this effort, he said, MITI has prioritized efforts to strengthen the ecosystem for the development of energy efficient vehicles (EEVs), including electric vehicles (EVs). .

This includes manufacturing critical components, setting standards, and promoting research capacity and activities to develop local technologies.

“To ensure the growth of a new inclusive sector, micro, small and medium enterprises (MSMEs) are also given special attention to adapt their activities to automation, technology and digitization for business sustainability.

“As MSMEs are the backbone of the country’s economy, the 12MP also aims to increase the sector’s contribution to GDP to 45%,” he said.

MITI provides various facilities to help MSMEs, such as easy finance programs through MIDF.

Empowering MSMEs through digitization will inject dynamism to the entire economic chain, especially in rural areas, in line with the Vision for Common Prosperity 2030 goal of making Malaysia a sustainable developing country. consistent with a fair, equitable and inclusive economic distribution.

“While the investment and trade landscape remains difficult and competitive, I am convinced that the 12MP is on the right track, supported by the national recovery plan which has defined several proactive measures to drive the economic recovery program and ensure a sustainable growth, ”he added.

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