EPU focusing on long-term economic growth for Malaysia — Wahid

LABUAN: The Economic Planning Unit (EPU) is focusing on the country’s longterm economic growth in the quest to create business and employment opportunities, Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar said.

He said job and business creation was given top priority in the 11th Malaysia Plan as it would help improve household income.

“In terms of job creation, we will make sure investments continue to pour in not only into the Klang Valley but also other areas, including Labuan.

“The government has come up with customised incentive packages for companies.

“The government is always encouraging companies to locate their businesses outside the Klang Valley such as in Sabah or Labuan so as the development is more balance,” he told a press conference after officiating the second series of the 1Malaysia Training Scheme (SL1M) Open Interview Labuan-level here.

Abdul Wahid said the global environment was challenging, prompting the International Monetary Fund (IMF) two days ago to revise down the global growth forecast from 3.4 per cent to 3.1 per cent this year.

“In the face of the current economic climate, we have diversified the economic structure by reducing our dependence on the commodity sector, including the oil and gas sector. “What we need to do under the current economic situation is to ensure the economic growth would be more widespread to the entire region.

“In terms of consumer sentiment, we hope that we can create more business activities and increase job demand (to ensure that) our economy will be back on track,” he said, adding Malaysia’s economy which is set to grow between four and 4.5 per cent this year.

Meanwhile, he said the government had also introduced various upskilling programmes for the people, especially for those who were out of jobs due to the current economic climate.

He said the government strived to provide the people access to education and training, as well as change their mindset to become entrepreneurs, including taking advantage of courses provided by agencies like the Labuan Financial Services Authority (LabuanFSA).

Owing to complaints from employers over lack of quality among graduates, especially in entrepreneurship, he hoped the SL1M programme, in collaboration with corporate players, could help equip graduates with the necessary skills and knowledge for the job market.

On Labuan’s economic development, he said with slowing upstream oil and gas activities, Labuan’s economy was affected as it relied heavily on the sector.

“We have seen many upstream oil and gas companies scaling down operations and this has resulted in lesser business in hotels and restaurants. — Bernama