Wednesday, October 27

Inclusiveness and sustainability core to 11MP, says Najib

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KUALA LUMPUR: Inclusiveness and sustainability will be the core values of the 11th Malaysia Plan (11MP) to be tabled in Parliament next month, Prime Minister Datuk Seri Najib Tun Razak said.

He said the values are also key pillars of Malaysia’s growth vision and embedded in the Economic Transformation Programme (ETP).

“The government has long recognised that increasing our national prosperity means nothing, if not shared. The fruit of our success must be available to all,” he said in his keynote address at the Invest Malaysia 2015 institutional investor conference here yesterday.

He said since the launch of the ETP in 2010, an additional 1.8 million jobs had been created.

He added that the government had also embarked on the new National Higher Education Blueprint to ensure the nation’s talented younger generation can compete and succeed at the global level. Najib said to make the most of the opportunities arising from the country’s diverse range of Shariah-compliant investment products and services offerings, the Securities Commission (SC) is developing a comprehensive blueprint for Malaysia’s Islamic Fund and Wealth Management industry.

He said the blueprint, expected to be ready by year-end, would chart the medium and long-term strategic direction for the industry, as well as map out strategies and recommendations to strengthen the country’s competitive edge.

The prime minister said Malaysia’s well-developed Islamic fund management industry held 22 per cent of the global US$73 billion Islamic assets under management as of last year.

Currently, he said there are 20 companies operating under the Islamic fund management and licensed by the SC, in addition to 21 others that operate ‘Islamic windows’ alongside their conventional business.

Najib said growth in the fund management industry had been an important driver of the capital market, with RM630 billion under management as at end-2014.

He said the scale of the capital market had deepened significantly with an annual average of RM111 billion raised through corporate bonds and initial public offerings over the last three years.

“This is more than double the corresponding average of RM48 billion a decade ago,” he added. — Bernama