KUALA LUMPUR, Oct 14 — Prime Minister Datuk Seri Ismail Sabri Yaakob today said his government has set a target of growing Malaysia’s economy between 4.5 and 5.5 per cent a year.
He said as outlined under the 12th Malaysia Plan (12MP), the government is optimistic of reaching an average monthly household income of RM10,000 by 2025.
Ismail Sabri said despite the challenges posed in the Covid-19 era, Malaysia must find creative and innovative methods to boost investments within the country.
“One of the most successful methods is through active vaccination programs, initiated by the government in enabling a safe environment for investors.
“As a result, Malaysia is now ready to get back on track as an investment hub for both regional and international companies. This is made possible through continuous cooperation with every member of Keluarga Malaysia. Today, safe bubbles for all businesses with new norms are being safely applied,” he said in his keynote address at the Invest Malaysia Kuala Lumpur event this morning titled ‘Rebuilding A Sustainable Economy’.
Ismail Sabri said Malaysia’s unique multiracial society, with its diverse social strata has long provided opportunities for investors.
“Different races, for instance, would need a different set of necessities. In another comprehension, more products and services are potentially marketable in this country.
“Thus in the next five years, we are targeting the growth of 4.5 per cent to 5.5 per cent per annum in our Gross Domestic Product (GDP). As outlined in 12MP, we are optimistic in reaching an average monthly household income of RM10,000 by the year 2025,” he said.
Ismail Sabri said an essential component of the country’s future lies in the Malaysian Digital Economy Blueprint (MyDIGITAL) and National Fourth Industrial Revolution (4IR).
He said both of these are aligned with the National Policy on Science, Technology and Innovation (DSTIN) 2021-2030, which aims to develop Malaysia as a high-tech nation by 2030.
Ismail Sabri said that with the 4IR, the government aims to create an ecosystem within the country’s economy that will be led by science, technology and innovation.
He said this will help facilitate the development of local technology, by creating economic opportunities and developing talents in areas such as Artificial Intelligence, the Internet of Things and Blockchain Technologies.
“Moreover, with MyDigital, areas of policy making will focus on developing infrastructure and human capital. This will ensure broad access and optimum utilisation of a new generation of technologies,” he said.
Meanwhile, the prime minister said that Malaysia, as the gateway to the Asean market through Regional Comprehensive Economic Partnership (RCEP), will continue to provide a conducive environment for the business community, among others, to invest.
“The 15 countries within the RCEP alone are generating almost 30 per cent of global gross domestic product (GDP). It has been estimated that their overall aggregate of GDP income will increase by US$174 billion by 2030.
“This will give our corporations and micro, small and medium enterprises (MSMEs) a more level playing field while facilitating access to larger regional markets,” he added.