Economic Transformation Program In Malaysia

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Economic transformation programme (ETP) was created as a portion of Malaysia’s National Transformation Programme. This programme was launched on the 25th of September 2010, and the purpose of creating such programme is to enhance Malaysia to a developed-nation status by 2020 aiming to achieve a Gross National Income (GNI) of 15,000 USD per capita. This can be accomplished by attracting 444 billion USD in investments which will, in turn create a 3.3 million new jobs in the country. The ETP is divided into 2 sections: 12 National Key Economic Areas (NKEAs) and 6 Strategic Reform Initiatives (SRIs). The implementations of 12 Nation Key Economic Areas (NKEAs) is to ensure that the ETP’s target for 2020 will be accomplished. The 12 implementations…show more content…
With new chances for investment in the sector, this NKEAs is built to accomplish an annual growth rate of 5% in the sector up to 2020. It is expected to produce GNI of RM131.4 billion and create 53,300 new jobs by 2020. The palm oil sector is also responsible for more than 5% of Malaysia’s annual exports and it remains until today, producing high-end palm products in food and health-based segments, among others. Tourism industry in Malaysia has a large contribution to Malaysia’s GDP, keeping an average increase of 12%per year since 2004. With the collaboration of the Ministry of Tourism and culture, other government agencies and private sectors, have been improving to secure as one of the leading tourist destination, by focusing on leisure and business tourism. Over 60% of Malaysia’s GDP is contributed by domestic consumption, the wholesale and retail NKEA is the base for the sector to increase the country’s total GNI by RM156 billion and create 454,190 new jobs by 2020. Education is also a main part of turning Malaysia into a high income nation, scaling up of international schools increases GNI by RM2644million and created 10,000 jobs nationwide. The Communications Contents and Infrastructure include two sections, which are improving communication infrastructures and then up take of service and enriching content space in…show more content…
The efforts have recently focusing on implementing competition legislations, enhancing the adoption and usage of standards and best practices and further liberalisation measures to the services sectors. The Reducing Government’s Role in Business targets to rationalise the government’s role in business to achieve 3 major goals which is to avoid overcrowded private sector, increase the liquidity of capital markets and enhance government fiscal position. To achieve these goals, three approach will be taken, clearly establish the government’s role in business then expand a clear divestment plan for government-linked investment companies and lastly establish clear governance guidelines for the government or ministry and state owned companies. The Human Capital Development (HDC) is centred on improving and addressing the human capital capabilities and needs of the 12 NKEAs as well as the skills of Malaysian’s labour force. These initiatives undertaken via two approaches, including workplace transformation, representing the elements needed for a workplace to function efficiently and workforce transformation, which centre complementing government measures to improve human capital by leveraging woman’s talent and improving work

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