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CONFIDENCE BUILDING UP: 313,741 new jobs to be created
THE Economic Transformation Programme (ETP) has yielded "unprecedented" results in its first year with gross national income reaching RM830 billion, the highest in Malaysian history since independence.
Minister in the Prime Minister's Department Datuk Seri Idris Jala said yesterday ETP initiatives saw private investments rise to RM94 billion, surpassing last year's targets by 13 per cent and reaching its highest levels since 2007, according to the Bank Negara 2011 annual report.
"The confidence created by ETP also resulted in last year's foreign direct investment increasing by 2.3 per cent to RM32.9 billion compared to 2010, the highest in 10 years. Trade grew 8.7 per cent to RM1.27 trillion last year alone.
"In addition, 313,741 new jobs are projected to be created," he said in a statement yesterday.
Idris, also Performance Management and Delivery Unit (Pemandu) chief executive officer, said the 12 National Key Economic Areas (NKEAs) performed 23 per cent above their set Key Performance Indicators (KPIs).
Five key sectors -- wholesale and retail; communications content and infrastructure; Greater Kuala Lumpur/Klang Valley (GKL/KV); business services; and education -- performed 20 per cent above their KPIs.
"Within communications content and infrastructure, more than 1,500 Kampung Tanpa Wayar (Wireless Villages) and community broadband centres are now operational, positively impacting more than one million people in rural areas."
Idris said 18 river cleaning work packages were under construction last year for Greater Kuala Lumpur/Klang Valley.
The river cleaning works reached 19 per cent completion last year, exceeding its KPI by four per cent.
He said under the education NKEA, four discipline clusters comprising hospitality and tourism; Islamic finance and business; health sciences and advanced engineering; and science and innovation were developed.
Idris said the six Strategic Reform Initiatives (SRIs) -- competition; standards and liberalisation; public finance; public service delivery; human capital development; government's role in business; and narrowing disparities -- were progressing well.
He said in public finance, RM25.3 billion was collected in additional taxes through improved efficiency, while last year's deficit was 5 per cent of gross domestic product, beating earlier estimates of 5.4 per cent.
"I am confident we will achieve our budget deficit goal of 4.7 per cent this year." Additional reporting by Lavanya Lingan