The 13th Malaysia Plan (13MP) will prioritise transformative policies aimed at driving meaningful societal and economic shifts, rather than focusing solely on additional incentives and handouts, said Economy Minister Datuk Seri Rafizi Ramli.
Speaking to reporters after a final engagement session with industry representatives on Thursday (Jan 23), Rafizi noted that the 13MP would introduce several new incentives that will be designed to complement policies aimed at fostering the behavioural changes necessary for the country’s economic growth.
Read more at https://tinyurl.com/yn6ju53s
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Speaking to reporters after a final engagement session with industry representatives on Thursday (Jan 23), Rafizi noted that the 13MP would introduce several new incentives that will be designed to complement policies aimed at fostering the behavioural changes necessary for the country’s economic growth.
Read more at https://tinyurl.com/yn6ju53s
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
Category
🗞
NewsTranscript
00:00My view is that as the country charts our next wave
00:05What's next for my industry?
00:08It depends on the industry group
00:14Some of them have sent a long view
00:18Some of them also gave suggestions through representatives' meetings
00:27But platforms such as SLU
00:32Can bring together the government and industry
00:41And it doesn't stop here
00:43Like the tourism industry
00:47Gave a long list of rules that need to be improved
00:53To facilitate the tourism industry
00:55After that, the Ministry of Economy, Ministry of Tourism
00:59Will continue to focus on these issues as an ongoing process
01:04But in my view, the need for SLU
01:09To harmonize with the industry
01:13They need to understand the government's plan
01:16And also the government's policies
01:18We as a government, in disseminating the foundation
01:21We also need to understand their needs and interests
01:25And this will enable RMK13
01:28When it is well-informed
01:32From the top-down
01:34What the government needs to do
01:36And where we want to bring the economy and society
01:40And bottom-up
01:41Meaning, these are the things that are needed
01:44By the stakeholders, including the industry
01:47For them to work together with the government
01:51So I think this is the last SLU-Industry
01:54I would like to thank everyone present
01:59From the industry
02:01And continue to build good cooperation
02:04Between the government and the private sector
02:07So that the government is not alone
02:10In making the foundation and laws
02:12And likewise, so that the private sector
02:15When they understand the needs and interests of the 7 governments
02:20They can adjust their plans
02:22To take advantage of the government's foundation
02:25In your opinion, why did you say RMK13
02:28Doesn't want to be an incentive book
02:30What does it mean?
02:32No, it's not like that
02:34I don't know, you guys are too young
02:37When I was young
02:39This was about 20-30 years back
02:41What is the importance of RMK13?
02:45Because people remember
02:47Our culture back then
02:48The 5-year plan of Malaysia
02:50Was based on projects
02:52Which projects, how many billions
02:55So there was an opinion of the people
02:59Or the players in the industry
03:02That RMK, the 5-year plan of Malaysia
03:08Was actually a waste of the government's budget
03:13Actually, no
03:14It's actually a list of basic things
03:18That we need
03:20To change the structure
03:25And this structure
03:27Is heavily influenced by
03:30Behavior
03:32For example
03:35Our business is able to compete
03:39With small and medium-sized businesses in Jemen
03:42There are many things
03:44Some are based on the foundation
03:46Some are based on our company's ability
03:50These are all behaviors
03:52Some are based on the government
03:54Some are based on the private sector
03:57So the focus of RMK13
04:00Is on the foundation and programs
04:03That we think are needed
04:05To influence
04:08The behavior of the people
04:11Towards a level
04:14That we need as a developed country
04:16It's not, when I say it's not
04:18An incentive book
04:19Most probably
04:21There are many new incentives
04:23That need to be introduced
04:24But those incentives
04:26Are not just about
04:28Distributing money and projects
04:31Those incentives will be built
04:33Around the foundations
04:35That we need to pivot
04:38In order to facilitate
04:40The behavioral change that we need
04:42In our economy and our society
04:45Okay?
04:46Maybe you can talk a little bit
04:47About the government's commitment
04:49To focus on enabling policies
04:51To?
04:52Enabling policies from the government
04:54As Dwai Bek said
04:56During the Q&A session
04:58The government is committed
05:00To prioritizing enabling policies
05:02Rather than providing direct intervention
05:04To the government
05:06If we look at our current economic status
05:09Our economy has been affected
05:11By the service sector
05:13We are also aware
05:15That in order for us
05:18To move to the next level
05:21We need technology
05:23And a high level of expertise
05:25That's what we heard
05:27About the SME challenge
05:30How they want to go up
05:32And so on
05:34All of this requires
05:37Intervention
05:38That is encouraged
05:39By each industry
05:41But
05:42This industry
05:43When it wants to move
05:44To a higher level
05:46Part of it is because
05:48There are regulations
05:50That are changing
05:51Part of it is because
05:53There is no basic support
05:55If the government does not say
05:57This matter will be given
05:58To the government
06:00It will be difficult
06:01To move in that direction
06:02Because
06:03It feels like a lone ranger
06:04So
06:05Basic support is needed
06:07Part of it is also
06:08Incentive
06:10So when I said
06:11We want to focus
06:12On enabling the ecosystem
06:15Once again
06:17Like I repeated earlier
06:18It deviates from the mentality
06:20That the government
06:22Spends money
06:24To create projects
06:26To be distributed
06:28What should happen
06:31In the next 5 years
06:33Is that the government
06:34Helps and supports
06:38This development
06:39Which is actually
06:40Supported by
06:41Corporations and private sectors
06:43But the government
06:44Has a role
06:45From the three things
06:46One
06:47From the regulation
06:49Which makes it easier
06:50Second
06:51From the basic support
06:52These things need to be clear
06:54The government will support
06:56And the third
06:57Investment and incentive
06:59Must be adjusted
07:01To create
07:03The ecosystem
07:05It also means
07:08We are deviating
07:09From the way
07:11In the past
07:12The dependence on
07:14Public investment
07:16Was too big
07:17And
07:19Industry
07:20Or the economy
07:22Became the second priority
07:24The government
07:26Spent 400 billion
07:27For 5 years
07:28So the corporations
07:30Look at what they want to spend
07:32And invest there
07:33It shouldn't be like that
07:34Actually let the private sector
07:37Move ahead
07:38But we work
07:39And we use
07:40Public resources
07:41To lift them up
07:43Which is quite a
07:44Different shift
07:45That we need to do
07:46In the next 5 years
07:47Okay, thank you
07:56Thank you