Impact From ETP Increasingly Visible, Says Najib

PUTRAJAYA, Jan 11 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak said impacts from the Economic Transformation Programme (ETP) were increasingly visible.

"The confidence of the business sector and investors in the Malaysian economy is rising higher," he said during a media briefing on the Third Economic Transformation Programme Update here Tuesday.

"This we can see from the performance of Bursa Malaysia which had touched the highest closing level on Jan 7 which was 1,572.21 points," he said.

He said the latest Grant Thornton International Business Report showed 50 per cent of medium to large enterprises were positive about Malaysia's economic prospects this year.

"It shows confidence towards Malaysia is at its highest since our participation in the report," said Najib who is Finance Minister.

Referring to the Frost & Sullivan Report, he said the automotive industry volume was forecast to hit a new high of 623,000 units this year, a 4.1 per cent increase compared to last year.

"These positive signs are very encouraging and the government will continue to strive until the goal of turning Malaysia into a high-income country is achieved," he said.

The prime minister today revealed 19 more entry point projects (EPPs) under ETP which would generate almost RM67 billion in investments, RM36 billion in gross national income and create 35,000 new jobs.

Since the launch of ETP on Oct 25 last year, 18 EPPs had been previously announced.

"As you can see, the ETP has started the year very strongly by going into overdrive and is surging ahead with more EPPs and developments.

"As the saying goes, the proof of the pudding is in the eating. By kick-starting these projects as well as the earlier announced projects, the economic effects will soon be tangible," Najib said.

ETP is a comprehensive effort that will transform Malaysia into a high-income nation by 2020.

It is driven by 12 National Key Economic Areas (NKEAs), namely oil, gas and energy, palm oil, financial services, tourism, business services, electronics and electrical, wholesale and retail, education, healthcare, communications content and infrastructure, agriculture, and Greater Kuala Lumpur/Klang Valley.

Through the NKEAs, 131 EPPs have been targeted to make substantial contributions to the country's economic development, hence achieving a high-income status with per capita income of US$15,000 and generating 3.3 million employment opportunities.

"We are completely focused on results and by delivering them. I hope to galvanise the majority of Malaysians who are believers and also convert the minority naysayers to join this cause.

"After all, this is a national transformation agenda and we must get everyone on board in the true spirit of 1Malaysia, People First, Performance Now," said Najib.

Meanwhile, Minister in the Prime Minister's Department Datuk Seri Idris Jala who is also the Performance Management and Delivery Unit (Pemandu) chief executive officer, said confidence was a key for success of any economic transformation.

For Malaysia, he said, it was felt as market capitalisation rose about 30 per cent to about RM152 billion for the past five months.

"The wealth created since that time is RM152 billion. A lot of money has been created in the space of only five months. It is real money. If you want to cash it, you may sell the shares and make money," he said.

He said the participation of investors, local and overseas, in EPP projects so far was also a reflection of confidence whereby "they are pledging a long term investment in this country".

-- BERNAMA