KUALA LUMPUR: Concerted efforts will be undertaken under the 12th Malaysia Plan (12MP) to rejuvenate all economic sectors to ensure growth momentum is restored.
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According to the 12MP report, this will be achieved by boosting productivity growth, expanding exports markets, strengthening the effectiveness of the financial intermediation ecosystem, enhancing the role of industrial estates and food production areas as well as improving governance and policy.
“The private sector will play a greater role in restoring the growth momentum in meeting future challenges and competing in the global market,” the report said.
Emphasis will be given to strengthening the planning, evaluation and monitoring mechanism, moving up the value chain and strengthening financial capability.
In addition, measures will be undertaken to scale up successful initiatives of the Productivity Nexus.
Green practices will also be scaled up in managing resources and environmental issues.
“The implementation of these measures will drive productivity growth and improve efficiency,” the report said.
The role of government-linked companies (GLCs) will be enhanced while a more fair and healthy competitive environment will be encouraged to improve market efficiency for the private sector to expand into domestic and international markets.
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“Measures to expand domestic and export markets will focus on improving market efficiency, empowering role of industry players and strengthening trade facilitation,” it said.
Strengthening the effectiveness of the financial intermediation ecosystem
An effective and resilient financial intermediation is particularly critical as countries, including Malaysia, respond to and recover from the economic and social impact of the global health crisis and other adverse shocks.
The report said the launching of the third capital market master plan and the new blueprint for the financial sector will serve to steer the direction of the overall financial system over the next five years.
“Emphasis will be on transforming the financial ecosystem to meet future economic needs, enhancing resilience and governance, as well as promoting a sustainable and inclusive financial system,” it said.
Under the 12MP, the focus will be given to enhancing the role of industrial estates as a growth catalyst and achieving a more balanced industrial development. Initiatives will be intensified to improve the attractiveness and investments in these areas.
Measures will be undertaken to strengthen coordination and collaboration for more effective implementation, enhance roles and functions of institutions as well as strengthen policy and legislation. -NST