12MP: Private investments to grow to RM300bil a year

12MP: Private investments to grow to RM300bil a year

11 Sep 2023

The government aims to make Malaysia the preferred destination for investors by strengthening its competitiveness.

During the presentation of the mid-term review of the 12th Malaysia Plan (12MP) , Prime Minister Datuk Seri Anwar Ibrahim said the main step would be to improve the business environment through the improvement of business rules including through the MyMudah unit.

“This step will directly boost domestic direct investment (DDI) which will synergistically attract more foreign direct investment (FDI).

“Private investment is targeted to grow by 6.4 per cent per year or an average of RM300 billion per year in the final period of 12MP,” he said today.

He also said the government will strengthen productivity by hastening the transition to high-value industries and adopting advanced technology and enhancing skilled talent.

The government will also continue to work with the private sector and academics to improve aspects of national productivity.

“Multifactor Productivity (MFP) on average is expected to contribute as much as 42.8 per cent to gross domestic product (GDP) growth with labor productivity expected to record growth of 3.8 per cent per year,” he added.

With these two steps, the government is expecting at least five per cent economic growth per year during 12MP.

Source: NST