Malaysia is expected to spend a total of RM45 billion on more than 4,000 development projects this year to ensure sustained economic growth.
Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said the expenditure would be spent following the resumption of several large-scale projects.
“Malaysia is heading towards a new era of development and growth. These measures will be our growth drivers for this year and the next.
“I am confident that the nation will be able to step proudly into the future boldly, progressively and with harmony and stability,” Azmin said in a keynote address at the 12th Malaysia Plan (2021-2025) Kick-Off Conference and the launch of the 20th Malaysia Economic Monitor here today.
He said private consumption was likely to be Malaysia’s future growth with continued stable labour market conditions.
“Although the external sector represents 130 per cent of the gross domestic product (GDP), its net contribution to the economy is less significant. We now depend more on domestic demand, especially private demand,” he added.
He reckoned that the private sector would come onboard for growth and shared prosperity, while working with the government to achieve the nation’s economic goals.
“There can be no overstating the importance of the role of the private sector in wealth creation.But even more significant, is the need to ensure the wealth created will be equitably shared with workers as well,” he said.
Meanwhile, Azmin said the 12th Malaysia Plan would revolve around economic empowerment, environmental sustainability and social re-engineering.
“These dimensions – which will be underpinned by the principles of enhance md governance and new policy tools – will complement each other towards realising our new development model of shared prosperity, in line with our efforts to attain the sustainable development goals by 2030,” he said.
The government recently announced that the 12th Malaysia Plan would be the first of two Malaysia Plans to operationalise the efforts towards achieving the goals of the shared prosperity initiative.
Azmin said there should be simultaneous efforts to boost domestic investments, as the country continues to work towards enhancing the foreign direct investments.
“E-commerce will also need to be given more emphasis to spur the economy and promote the democratisation of economic opportunities.
“Collectively, these efforts will add substantive value for our economy in terms of job creation, wealth generation and expanding the economic pie,” he added.