KUALA LUMPUR: The 12th Malaysia Plan (12MP) will focus on creating a number of new economic sectors and accelerating the development of high growth industries, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said.

He said the industries include aerospace, advanced electrical and electronics (E&E), halal, creative, biomass and smart farming.

“These industries are identified based on their prospects in generating high value-added activities and products, advanced technology adoption, R&D (research and development) and innovation, high-skilled employment as well as contribution to achieving the green agenda.

“The successful implementation of these measures will enhance competitiveness and resilience of the economy, and position Malaysia as an important player in the global supply chain, for complex and high value-added products and services,” Mustapa said at the “12MP: A Conversation with Datuk Seri Mustapa Mohamed” forum today.

The forum is organised by the Malaysian Economic Association (MEA), in collaboration with University of Malaya Faculty of Economics and Administration.

Mustapa said the 12MP would emphasise on be attracting quality investment which promotes 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 12MP is a very important document that will lay the foundation for Malaysia, to recover from the pandemic,” he added.

He said the 12MP would chart the path to a sustainable economy, while ensuring the wellbeing of the rakyat, in the context of shared prosperity.

“We are putting emphasis on the issue of economic and institutional reforms, while making the agenda of sustainability to be more explicit, in this national development plan.”

Malaysia, he said, needed to move up the value chain, adopt technology and innovation to enhance economic growth, develop an inclusive society to ensure social justice, improve the wellbeing of the rakyat and boost environmental sustainability.

This is by implementing a clean, green and resilient development agenda, and improve the efficiency of the delivery system to be more people-centric, efficient and productive.

Source: New Straits Times – 10 December 2020 (Friday)