PUTRAJAYA: The policies and strategies of 12th Malaysia Plan (12MP) will be formulated based on three dimensions, namely economic empowerment, environmental sustainability and social re-engineering.
Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali said the 12th Malaysia Plan is a continuation of the previous development plan which will be formulated based on the concept of ‘Shared Prosperity’ which will serve as a guideline for long-term development.
He said these dimensions would complement each other towards Malaysia’s new development model of shared prosperity, in line with government efforts to attain the sustainable development goals by 2030.
“These dimensions are to be underpinned by the principles of enhanced government and new policy tools,” he said during the launch of the World Bank’s latest Malaysia Economic Monitor and the kick-off conference of the 12th Malaysia Plan here yesterday.
He spoke via a video recording as he is currently attending the sixth Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting in Vienna, Austria.
On another note, Mohamed Azmin said the government will spend about RM45 billion next year on more than 4,000 development projects to spur the Malaysian economy.
He said these development expenditure would flow into the following years and ensure robust and sustained domestic economic growth.
“Together with the resumption of several large-scale projects, these measures will be our growth drivers for this year and the next.
“As we continue to work towards the enhancement of foreign direct investments, there should be simultaneous efforts to boost domestic investment as well,” he said.
Mohamed Azmin said these efforts would add substantive value to the Malaysian economy particularly in terms of job creation, wealth generation and expanding the economic pie.
He said the government also made significant improvements to reduce regulatory burden in line with its aim to ease of doing business and added that ‘there is more work to be done.
He noted that among the steps being undertaken is the removal of non-tariff measures (NTM).
As of 2018, the government has reviewed 668 NTMs under six ministries that had a total estimated compliance cost of RM2.96 billion, with a potential cost saving of RM739 million, he said. — Bernama