KUALA LUMPUR, 24 OCTOBER, 2010: On Monday, Prime Minister Datuk Seri Najib Tun Razak will launch the Economic Transformation Programme: A Road Map for Malaysia.
The ETP, says the Malaysian Investors Association, is set to steer Malaysia towards greater heights of economic development, thus putting the country firmly on the road to becoming a high income economy.
MIA president Datuk Dr P.H.S Lim said :"We are now only a decade away from reaching the new frontier of Vision 2020, as envisaged by former Prime Minister Tun Dr Mahathir Mohamad.
"It will make Malaysia a fully developed nation with high capita income, well educated, cultured, healthy, highly civilized and affluent citizens."
Najib, who is also Finance Minister will unveil details related to the 131 Entry Point Projects (EPPs) and 60 Business Opportunities (BOs) under the Roadmap, which covers 12 National Key Economic Areas (NKEAs) at the launch.
"Certainly, these projects will cost Malaysia trillions of ringgit, many times more than the market capitalisation of Bursa Malaysia at RM1.1 trillion.
"The private sector is also envisaged to be the main driver of growth with international investors’ support," Lim told Bernama here today.
He said the government has identified several key and strategic development projects, including the Mass Rapid Transport project (RM40 billion), Kuala Lumpur International Finance District (RM26 billion), Development of the Rubber Research Institute land at Sungai Buloh (RM 10 billion) and Warisan Merdeka (RM5 billion).
Other projects include construction of highways, medical centers and teaching hospitals, revitalization of rivers, biotech and pharmaceutical industries and medical tourism.
Lim pointed out that Malaysia must achieve a gross domestic product (GDP) of seven percent annually to achieve a high income nation status.
"This factor will greatly depend on the global economic environment as Malaysia is still an export oriented nation," he said.
He also said, most important is, the demand factor in utilizing supply capacities.
"Supply and demand must be evenly matched. Otherwise, there will be a painful bubble burst, as what we experienced during the Asian financial crisis of 1997-1998. Development too, will not be sustained," he explained.
Lim also pointed that to achieve the status of a high income, the country needs a strong currency, as it can make Malaysians richer through a higher value for their assets.
"The Malaysian ringgit at present, is still undervalued, though it has strengthened from RM3.80 to RM3.04 while appreciating 11 percent," he said.
- Bernama
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