(Nov 10, 2010)
THE PRIVATE sector has been told to make preparations to play the lead role in transforming the state’s economy into a high-income one.
In saying this, Second Finance Minister Dato Sri Wong Soon Koh pointed out that it was the private sector that would benefit from development.
“Industry players, particularly those in the oil, gas and energy, electric and electronic, palm oil and agriculture are the main targets of the National Key Economic Areas (NKEA),” he said in his winding-up speech yesterday.
Sarawak is expecting 11 NKEAs and 68 entry point projects to be implemented to boost the state’s development in the next 20 years, following the Economic Transformation Programme (ETP) Road Map launched by the prime minister on Oct 25.
Wong said that the ETP will be led by the private sector and the government will primarily play the role of a facilitator.
“Most of the funding is expected to come from the private sector while the public investment will act as a catalyst to spark private sector participation.”
The ETP is a comprehensive effort designed into transform Malaysia in to a high-income nation by 2020.
It will lift Malaysia’s gross national income (GNI) per capita from about US$6,700 (RM23,700) in 2009 to more than US$15,000 (RM48,000) in 2020.
“This is the first time that any effort of this kind has been undertaken in the history of Malaysia, or of any other developed nation,” Wong said.
The NKEAs are expected to make substantial contributions to Malaysia’s economic performance, receiving prioritised public investment and policy support.