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ETP ANNUAL REPORT 2011
A Note from the Prime Minister
It has been just over a year since I launched the Economic Transformation
Programme, and I am extremely pleased to note the excellent progress made
to transform Malaysia into a high-income, fully-developed nation by 2020
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The ETP has adopted a two pronged approach – to be
focussed and competitive – and I believe that the
Roadmap published in October 2010 has been very clear
in detailing out key prioritisation areas for the nation. I
believe that this has had a positive effect, both domestically
and internationally. This brings us a step closer towards
transforming Malaysia into a globally competitive
investment destination.
As a nation, we have focussed on 12 National Key Economic
Areas, sectors where Malaysia can compete globally. To
date, 131 Entry Point Projects (EPP) have been identified
to kickstart growth as well as to catalyse investment and
participation from the private sector.
It is gratifying to note that private sector investment has
grown to RM94 billion in 2011, increasing some 19.4 per
cent from 2010.
I have hosted eight ETP Progress Updates over the course
of 2011. 110 projects were launched, 55 per cent of the
EPPs have taken off, and over RM179.2 billion in investment
has been committed, an unprecedented amount over a 12month
period. These projects are projected to contribute
some RM129.5 billion in gross national income in 2020, and
create over 313,741 new jobs by 2020.
In July, we launched the Strategic Reform Initiatives, these
will complement our focus, creating an environment to
allow Malaysians to be competitive on the global stage.
I am confident that the Government in partnership with
the private sector, can and will proceed full speed ahead,
especially in implementing the structural reforms to enable
us to achieve the targets on investment.
With this in mind, I have announced the liberalisation of
foreign ownership of banks. Foreign banks will be allowed
to own bigger stakes in local institutions, grant more
licences and ease short-selling rules. By end 2012, a further
17 service sub-sectors will be liberalised, allowing up to 100
per cent foreign equity participation. Earlier, 24 sub-sectors
have been opened up.