Malaysia has made a great start in its move to transform itself into a high income economy by 2020, having exceeded the targets set out for last year.
“We have shown we can deliver big results fast. However, this is a marathon, not a sprint,” said Minister in the Prime Minister’s Department and Chief Executive Officer of the Performance Management and Delivery Unit (Pemandu), Senator Datuk Seri Idris Jala.
There are still nine more years to go and all from the public and private sector must remain fully focussed to realise the goal of transforming Malaysia, he said in a statement issued by Pemandu in conjunction with the release of the Economic Transformation Programme (ETP)’s Annual Report 2011.
All in all, the six reform measures and 12 National Key Economic Areas have got off to a great start, he said. The Economic Transformation Programme (ETP)’s 10-year targets have been clearly defined: RM1.4 trillion in investment to generate a Gross National Income (GNI) of RM1.7 trillion and the creation of 3.3 million incremental jobs, by 2020.
This will translate into a GNI per capita of US$15,000 and catapult Malaysia into high-income nation status, he added.
He said to ensure transparency and accuracy in the 2011 ETP Annual Report, PricewaterhouseCoopers, an independent audit firm, was engaged to conduct a series of Agreed-Upon Procedures.
In its first year of implementation, the momentum created by the ETP resulted in immediate knock-on effects on the economy with private investments surpassing its 2011 target by 13% to reach RM94 billion and Gross National Income (GNI) by 4% or RM830 billion.
The confidence created by the ETP also resulted in Malaysia’s 2011 foreign direct investment to increase by 12.3% to RM32.9 billion as compared to 2010, the highest in 10 years. Trade grew 8.7% to RM1.27 trillion last year alone.
“On Public Finance, we have collected RM25.3 billion in additional taxes through improved efficiency. Our deficit in 2011 was 5% of GDP, beating estimates of 5.4%. I am confident we will achieve our budget deficit goal of 4.7 per cent this year,” said Idris Jala.