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Budget 2020 themed, “Driving Growth and Equitable Outcomes Towards Shared Prosperity”, was announced by the Minister of Finance on 11 October 2019. The Budget is anchored on four thrusts:
The Budget is comprehensive with a focus on initiatives to embrace inclusivity, steer the country towards digital transformation and enhance Malaysia’s competitiveness as the preferred destination for foreign investments. It is also aimed to support the well-being of the B40 group and maintain the country’s fiscal discipline. As MITI and its agencies are currently drafting a new Industrial Master Plan that will chart the growth of the manufacturing and services industries post 2020, MIDA heeds the call in the Budget that Malaysia needs an industrial policy to boost the country’s growth sustainably. The implementation of the various initiatives to promote economic growth under Budget 2020 will be among the initial steps in achieving this aspiration, laying down the foundation towards improving national competitiveness, raising productivity, prioritising investment in strategic sectors, reenergising export-led industrialisation and encouraging entrepreneurship
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