KUALA LUMPUR: The National Investment Aspiration (NIA) policy will be among the many policies and programmes to stimulate the country's economic growth that will be rolled out under12th Malaysia Plan (12MP)
Prime Minister Datuk Seri Ismail Sabri Yaakob said the NIA will become the main framework to bring in quality investment subsequently positioning Malaysia as an investment hub in the region.
Existing incentives for investors, he said, will be reviewed in order to provide more focus on investment driven via the latest technology and those fulfilling the aspect of ensuring a sustainable environment.
"This will help support and hasten the country's aspiration of transitioning into industry involving advanced manufacturing without affecting the environment," he said in tabling the 12MP in Dewan Rakyat today.
The government through the 12MP will empower transformation of the micro-small- and medium-scale entrepreneurs, which the prime minister described as the backbone of the country's economy.
There were 1.2 million entrepreneurs in this sector, which accounted for 97.2 per cent of the total industries in the country last year.
He said these groups of entrepreneurs, however, were less competitive and that they must be empowered especially after being severely affected by the pandemic-induced crisis.
"Therefore, the government is committed to continue helping and support recovery for them.
"At the same time, this group of entrepreneurs are encouraged to continue embracing digital transformation agenda to drive the economy under the new norms post pandemic," he said.
Ismail Sabri also announced that the government has agreed to approve several main programmes and projects to be implemented under the 12MP to boost growth in the strategic industry and sector.
In this regard, funding will be made available in strategic industry and sector such as aerospace development and electric and electronics sector as well as for the setting up of Centre of Excellence for Future Industry.
In addition, funding will also be made available for the setting up an intellectual property fund and financing scheme for digital technology's supporting local companies transition into advance technology," he said.
Ismail Sabri said he is upbeat that implementing these programmes will help the country achieve the target average growth in the service sector at 5.2 per cent, manufacturing (5.7 per cent), agriculture (3.8 per cent), mining and quarrying (2.6 per cent) as well as construction (4.2 per cent) within the 12MP period.
"The tourism sector which is severely affected by the pandemic is expected to recover with a target growth of 3.8 per cent.
"Micro-, small- and medium-scale entrepreneurs is expected to contribute 45 per cent of the country's GDP and 25 per cent to the nation's export in 2025," he said.
The government, he said, also want the private sector to return playing greater role in driving the country's economic growth.
"Therefore, I am giving my assurance that the government will reduce bureaucracy, provide more quality and competitive infrastructure, strengthen investment ecosystem to support investment by the private sector and development of talented workforce," he said.