It’s balanced, comprehensive and inclusive, says Mustapa
SME-FOCUSED: Encourages upscaling, re-skilling and entrepreneurship training
THE 2017 Budget presented by Prime Minister Datuk Seri Najib Razak is balanced, comprehensive and inclusive, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
Mustapa said the budget focused on ways to raise disposable income among the rakyat and encouraged upscaling, re-skilling and entrepreneurship training as well as providing more physical incentives for the people and businesses, especially for small and medium enterprises (SMEs).
In his speech, the prime minister has debunked erroneous perceptions regarding the country and economy will definitely enhance investor confidence and dispel worries regarding the economic health of the nation.
“This is testimony that the government’s policies are indeed on track to bring further development and benefits not just to business but the rakyat,” Mustapa said in a statement yesterday.
The Budget also addresses issues such as providing affordable housing especially to the young working rakyat as well as concerns raised by the M40 and B40 groups.
Despite the challenging condition of global economic and financial landscape, Mustapa said Malaysia’s economic performance is on course to grow between 4.0 and 4.5 per cent last year.
This year, he said the economy is expected to grow up to 5.0 per cent, which will be supported by the continued expansion of domestic demand which was primarily driven by the private sector.
Mustapa said the 2017 Budget will benefit the SMEs, especially the government’s incentives like RM130 million for export promotion programme for local SMEs, RM75 million to implement programmes under SME Master Plan and two per cent rebate on interest rates will be charged to SME borrowers under Syarikat Jaminan Pembiayaan Perniagaan scheme.
“All these funds reflect the government’s recognition on the important and strategic role of SMEs and this will indeed establish this year as the start-up and SMEs promotion year,” he said.
The Malaysian Investment Development Authority has been allocated RM522 million fund, especially for chemicals, electric and electronics industries and research and development activities.
These are among the catalytic industries that will further help the country to move up the global value chain where our manufactured products have increasingly higher value add.
The RM4.6 billion allocation to TVET (technical and vocational education and training) institutions will lead towards the production of more skilled workers to feed into industrial development and reduce our reliance on less skilled foreign workers.
to feed into the country’s industrial Pic by Aizuddin Saad