2018 Budget to boost total investment to RM369 bln next year
KUALA LUMPUR: The 2018 Budget is expected to increase the country’s total investment, comprising both private and public investments, by 6.7 per cent to RM369 billion, said Datuk Seri Najib Tun Razak.
In this regard, the government will continue to emphasise on highimpact investment, focusing on industries related to petroleum, logistics, aerospace, rail, robotics and automation and exportoriented industries. Datuk Seri Najib Tun Razak, Prime Minister
The Prime Minister said the total investment would account for 25.5 per cent of gross domestic product in 2018.
“In this regard, the government will continue to emphasise on high-impact investment, focusing on industries related to petroleum, logistics, aerospace, rail, robotics and automation and export-oriented industries,” he said when tabling the 2018 Budget in Parliament yesterday.
Najib, who is also Finance Minister, said private investment would reach RM260 billion next year compared with RM81 billion in 2009, while public investment RM109 billion in 2018 (2009: RM75 billion).
He said this was in line with the objective of the Economic Transformation Programme (ETP) to propel the private sector as the growth engine.
The government planned to allocate RM1 billion for the five main corridors in Malaysia.
This include for the development in the South Perak region, comprising Proton City, Educity, and Youth City in Tanjung Malim, as well as Bukit Kayu Hitam DutyFree Zone, construction of port and industrial park in Tok Bali, Kelantan and access road to Baleh Dam, Sarawak.
Najib also announced that the Principal Hub tax incentive would be extended until Dec 31, 2020 and some RM200 million would be allocated to the high-impact strategic fund under the Malaysian Investment Development Authority (MIDA).
To accelerate export, he said a sum of RM150 million would be channelled to the Malaysia External Trade Development Corporation, MIDA, and SME Corporation Malaysia to implement promotional programmes.
The government will also allocate RM1 billion to EXIM Bank for insurance coverage credit facilities and RM200 million for finacing facilities to the small and medium enterprises exporters, he said.
In addition, a RM100 million with 70 per cent government-guaranteed loan would be allocated to automate production of local furniture for exports, he added. — Bernama