KUALA LUMPUR, March 27 — The Industrial Collaboration Programme (ICP), a government initiative to ensure best value for money on a procurement programme, is expected to create more than US$17.5 billion (RM77.2 billion) in investments by 2020.

Second Finance Minister Datuk Seri Johari Abdul Ghani said the target is achievable despite the current challenging economic uncertainties.

"The CPI will strengthen the building blocks for Malaysia to be a high-income and productivity-driven economy.

"I believe Malaysia can attain greater achievements following the ICP’s implementation, provided synergy is developed among stakeholders in ensuring value for money on every ringgit spent,” he added.

He said this in his keynote address at the Global Offset and Countertrade Association (GOCA) Asia Pacific Conference 2017 here today.

Johari urged procuring agencies and obligors to view the CPI as an opportunity to share economic benefits with other stakeholders and create a sustainable business platform.

Currently, there were 71 ongoing ICP’s with 265 projects in total.  Of this number, seven have been fully completed and registered a ICP Credit Value of US$1.3 billion, which has contributed to the present national economy.

The nominal value of these programmes is estimated at around US$250 million, and Johari said for every dollar spent on procurement, the government gets returns three-four times higher in the form of quality investment, job creation, technical enhancement, and technology transfer. — Bernama