12 new initiatives to transform Malaysia’s economy
Malaysian Prime Minister Najib Razak yesterday announced 12 new projects and other developments under his government’s Economic Transformation Programme (ETP), designed to spur further foreign investment and confidence in Malaysia’s development and increase the country’s Gross National Income (GNI).
Many of the projects are based around technology and electronic communications, but also cover manufacturing, retail, tourism, energy and Islamic finance. At a glance, the new projects and initiatives are:
(ringgit/dollar conversion is RM3.02 = US$1)
- Appliance maker Pensonic Holdings Sdn Bhd will invest RM250 million by 2020 in an initiative to establish a manufacturing and international distribution hub, exporting home appliances to Southeast Asia and the Middle East, and adding RM500 million in GNI and creating 850 jobs;
- Germany’s Infineon Technologies Sdn Bhd will invest RM500 million in 2011 in its Melaka manufacturing facility producing power semiconductors, adding production and R&D capacity, adding RM814 million to GNI and creating 350 jobs;
- A new Security and Trade Facilitation System consisting of a Radio Frequency Identification (RFID) infrastructure, speeding up imports and exports by establishing paperless Customs checkpoints throughout Malaysia. Investment is RM45 million, adding RM201 million in GNI and creating 100 new jobs;
- MYLED Group, manufacturer of Light Emiting Diodes (LEDs) and solid state lighting products, will invest RM175 million in their Melaka facility, producing lighting products for export throughout Asia and the Middle East. It will add RM900 million to GNI and create 900 new jobs;
- Asia Media will invest RM500 million by 2015 to build a Digital Live Transit-TV Broadcasting infrastructure, enabling live audio and video transmissions to the public transport network, such as Rapid KL, LRT, monorail and eventually MRT. It will increase GNI by RM604 million and create 400 new jobs;
- A Baseline study into E-Counter services and Electronic Government, streamlining transactions while monitoring government services and making them more efficient and transparent. Investment in this project is RM3.26 million with the creation of 155 new jobs;
- Providing every Malaysian with a unique email account and digital ID with a RM50 million investment under the 1Malaysia Email Project, with an online government services portal developed by Tricubes Bhd;
- Establishing Malaysia as a global center for Islamic Finance training and education as well as promoting Islamic Finance education worldwide, with a RM3.17 million investment in the International Islamic University Malaysia boosting GNI by RM1.2 billion by 2020 and creating 4,300 new jobs;
- The RM9.6 billion Karambunai Integrated Resort City, a premium eco-tourism destination including a theme park, a research center and multiple entertainment and accommodation facilities, adding RM9.319 billion to GNI and 11,000 new jobs;
- Investing RM50 million on consolidation of Malaysia’s various ‘pasar’ (markets) into 20 locations as the Pasar Komuniti, providing better facilities for entrepreneur traders and customers while improving their logistics and distribution infrastructure. It will add RM3.52 billion to GNI and create 56,400 new jobs;
- Requiring all new housing developments in Kuala Lumpur to provide access to broadband internet facilities;
- the Malaysian Petroleum Resources Corporation (MPRC) is now responsible for attracting RM320 million worth of new investments to the industry by 2011, while helping Malaysian oil and gas companies to identify new opportunities and markets abroad.
According to the government, projects under the Economic Transformation Programme have so far seen RM106.4 billion in investments, added RM153.83 billion to Malaysia’s GNI and created almost 300,000 new jobs in less than six months since the ETP was launched.
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