Plans in progress to further strengthen economic potential
KUALA LUMPUR: Economic potential of the regions and states in Malaysia will be further strengthened to attract more quality investments in niche areas by promoting the adoption of advanced technology in the upstream and downstream activities, said the Ministry of Economy.
According to the ministry, federal and state regional development agencies will be encouraged to streamline development priorities by leveraging uniqueness and available resources in each state.
“Basic infrastructure provisions in less developed states will be scaled up and talent development programmes will be intensified to ensure equal development opportunities and improve regional balance,” it said in the Mid-Term Review of the 12th Malaysia Plan (12MP MTR) 2021-2025 report released yesterday.
The ministry said priority will be given to enhancing economic activities within the subregions by providing better infrastructure and facilities.
Measures will be undertaken to intensify regional development in potential growth areas and leverage federal and state agencies’ cooperation.
“Emphasis will be given to accelerate strategic development in the growth areas and entice quality investments in boosting regional growth within the remaining 12th Malaysia Plan (12MP) period,” it said.
The business ecosystem will be further enhanced to facilitate ease of doing business and attract quality investment.
Talent development programmes will be intensified to retain skilled workers from talent migration.
These measures will foster economic activities that contribute towards balanced regional development, said the ministry.
According to the report, federal and state regional development agencies will be encouraged to streamline development priorities by leveraging strengths, uniqueness and available resources in each region.
Efforts will continue to be undertaken in promoting advanced technology in the upstream and downstream activities.
Incentive packages will also be enhanced to attract investment, particularly in the less developed areas, and a special financial zone will be established in Johor’s Iskandar Malaysia to attract foreign investors and skilled workers to reside in Malaysia, it said.
Regional economic corridor authorities will continue to play an essential role in accelerating investment in the region.
The ministry said by region, average gross domestic product (GDP) growth for the Northern region is targeted to achieve 6.0 per cent, Central (5.6 per cent), Southern (5.4 per cent), Eastern (6.1 per cent), Sabah (4.3 per cent) and Sarawak (5.1 per cent) by 2025.