Monday, June 13, 2011

Malaysian PM announces 15 Economic Transformation Programme (ETP) initiatives

KUALA LUMPUR: The Economic Transformation Programme has reached a new milestone and has to date recorded a total of RM170.28bil in investment.

Prime Minister Datuk Seri Najib Tun Razak said it was possible to achieve a 6% growth or more, adding that economic transformation was beginning to bear fruit in a relatively short time.

Najib and the ETP's project owners pose for a photo session. AZMAN GHANI / The Star

"Today, we have reached a new milestone. Including nine all-new and six recapped initiatives announced today, the ETP has seen 50% or 65 of it's 131 Entry Point Projects taking off, represented by 87 initiatives.

"If we look at the Gross Domestic Product for the first quarter of this year, it is clear that our economy is on the right and stable track.

"Although the GDP growth was at a moderate 4.6%, the consumption and investment growth which was at 6.6% and 6.5% respectively, reflects increasing confidence among consumers and investors," he said Monday.

Najib announced the 15 initiatives Monday during the sixth ETP progress update at the Securities Commission here.

The 15 initiatives, which is under seven National Key Economic Areas(NKEA), is expected to bring in RM66.31bil in Gross National Income; RM63.38bil in investment and 63,531 new jobs.

"On a cumulative basis, the ETP has to date recorded RM170.28bil in investment; RM220.15bil in GNI and 362,396 new jobs.

"This is the largest ever in history in such a short period of time," he said.

The seven NKEA areas are education; healthcare; agriculture; communications content and infrastructure; wholesale and retail; oil,gas and energy; and business services.

The nine new initiatives include plans to build a 160-acre UCSI Groupintegrated health education cluster in Bandar Springhill, Port Dickson which will feature Malaysia' first private teaching hospital; two Sime DarbySpecialist Hospitals in Ara Damansara and Desa ParkCity; and an early childhood care and education consortium and training hub.

Other projects include developing Malaysia as a leading global shrimp producer, and enhance it's swiftlets nests production.

Tourism Malaysia's three main annual sales events will be reintroduced under the Unified Malaysia Sale umbrella to take place from June 15 to Aug 31 this year.

Another project is the Sustainability Achieved via Energy Efficiency or SAVE which will provide monetary rebates for energy-efficient refrigerators, air-conditioners and chillers.

At a press conference later, Minister in the Prime Minister's Department Datuk Seri Idris Jala explained that the moderate 4.6% growth was due to a problem with an off-shore reservoir in Sabah.

"Crude oil exports were down 11.2% in the first quarter.

"We will see production and crude oil export increase once the problem is fixed; and the economy rebound in the second half of this year," he added.

*Taken from The Star Online

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