12th Malaysia Plan: Country to become high-income nation by 2025, says PM

PRIME Minister Datuk Seri Ismail Sabri Yaakob said that the 12th Malaysia Plan would look into turning Malaysia to become a high-income country by 2025.

“With that, we project to keep our annual growth rate between 4.5% and 5.5%, starting this year until 2025.

“By 2025, Malaysian per capita income would touch the RM10,000 mark,” he said, when presenting the plan at the Dewan Rakyat today.

Entitled ‘A Prosperous, Inclusive, Sustainable Malaysia‘, the plan is aimed at steering the country out of COVID-19 and rejuvenate the economy to meet future challenges.

“My plan will include expanding social welfare and better protection for Malaysian workers, especially those in the B40,” he added.

The plan would also look into bridging development gap between urban and rural areas, as well as among states by focusing on digitalisation and usage of advanced technology.

It would also look into developing East Malaysia, so that it would be on par with the Peninsula.

Here are several salient points on the objectives of the plan:

  • Labour productivity to increase by 3.6% per annum
  • Gross National Income (GNI) to be at RM52,882 by 2025
  • Greenhouse gas (GHG) emission intensity to be cut by 45% to GDP by 2030
  • Compensation to employees to reach 40% of the GDP by 2025
  • Malaysia’s Wellbeing Index to grow by 1.2% per year
  • GDP per capita gap between central region and Sabah to be bridged by a ratio of 1:2.5

Elaborating on the new deal, Ismail Sabri said that the Government would look into ensuring 100% 4G coverage at all populated areas by 2025.

“We will also expand the 5G programme and boost broadband access to nine million premises by 2025,” he stated.
Ismail Sabri announced the formation of the Job Creation Strategic Plan, where it would look into ways to create matching jobs for the unemployed and skilled workforce.

Gig economy, jobs creation

Acknowledging the rise of gig economy, the Prime Minister promised to study ways into addressing the welfare of its workers; such as providing medical coverage, retirement fund and retrenchment benefits.

“We also need to create high-skilled workforce to meet industry needs. At the same time, we need to ensure our graduates get quality high-paying jobs in the process.

“As for reducing our dependence on migrant workers, I have set a target that our foreign workforce must not exceed 15% of the total employment in the country,” Ismail Sabri stressed.

Touching on GHG, the Bera MP said that Malaysia would embark on plans to ensure the country becomes carbon neutral by 2050.

“With that said, I wish to announce that we would phase out coal-based power plants in stages,” he mentioned.
Ismail Sabri ended his speech by touting the memorandum of understanding signed between the Government and Opposition, saying it was a historic moment.

“Let us set aside our differences and join hands to rejuvenate Malaysia. I need ideas from both sides to ensure our country comes of out the COVID-19 crisis,” he remarked. – Sept 27, 2021

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