The unveiling of the 12th Malaysian Plan which was supposed to take place this year has now been postponed to next year, this could be possibly brought upon by the pandemic and how certain economic sectors could have fallen out of focus and new prospects emerging.
In highlighting the need for refocusing, Minister in the Prime Ministers office Datuk Seri Mustapa Mohamed said a number of new economic sectors will be identified to drive the economy forward and create economic opportunities with the focus on high potential industries, like aerospace, advanced electrical and electronics, halal, creative industry, biomass, and smart farming.
“These industries have been identified based on their prospects in generating high value-added activities and products, advanced technology adoption, research and development and innovation, high-skilled employment, as well as their contribution in achieving the green agenda,” he added.
To 12th Malaysia Plan 2021-2025 has been postponed to early next year to rightfully allow for more input from various stakeholders and importantly to take into consideration the policy adjustments and economic reforms direly needed at this point in time if the country seeks to rebuild and restructure the economy in a post pandemic world.
The aim is to position Malaysia as an important player in the global supply chain, for complex and high value-added products and services. Focus would be given on attracting quality investments which promote the development of complex products and services, create high-skilled and high-paying jobs, encourage higher use of domestic inputs and improve development in underserved areas.
“The expectations of the 12MP are high. I admit that formulating the plan is a daunting task. Even without the pandemic, we have been grappling with a number of structural issues. We need bold and radical ideas to address long outstanding issues, such as low value-added economic activities, inequitable income distribution and regional disparity.