Malaysia: PM tables 12th Malaysia Plan; MYR400bn allocated for development

• Prime Minister Ismail Sabri Yaacob has tabled the 12th Malaysia Plan (12MP) in the Dewan Rakyat, announcing that the government will allocate MYR400bn for existing and new development projects.
• Among the main objectives are a targeted growth for the gross domestic product (GDP) of between 4.5 and 5.5% a year in the five-year period of the 12MP, an average household income of MYR10,000 a month by 2025, a narrowed gap between the GDPs of Peninsular Malaysia and Sabah and Sarawak as well as the reduction of greenhouse gas emissions.
• Ismail Sabri said the Covid-19 pandemic had forced the government to focus less on development projects, placing priority instead on overcoming the health crisis.
• He added that the government guarantees to reduce bureaucracy, provide quality infrastructure and strengthen the ecosystem to support private investment to help economic growth.
• Under the plan, the growth of high-impact strategic industries and medium and small-medium enterprises (SMEs) will be given a boost and enhanced.

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