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Malaysia's Development Plan For The Latest Ten Years
2021-09-18

At the end of March 2010, the Malaysian government proposed the "New Economic Model (NEM)". The plan focuses on raising people's incomes, promoting sustainable economic development, and enhancing social inclusion. It sets out three guidelines for Malaysia to join the ranks of developed countries in the next decade:

(1) High national income: per capita gross national income (GNI) increased from US $6,700 to US $15,000;

(2) Sustainable development: concern about the impact of economic activities and development on the environment and natural resources;

(3) Inclusive development: to create wealth while giving consideration to the fairness and equality of social distribution.

In October 2010 the Malaysian government launched the Economic Transformation Programme (ETP). The Performance Management and Delivery Unit (PEMANDU) of the Prime Minister's Office is in charge of the program, which focuses on the development of pillar industries and introduces 12 national Key Economic Sectors (NKEAs). These include wholesale and retail, tourism, business services, oil and gas energy, electronics, education, health care, palm oil and rubber, communications, agriculture, financial services, and Greater KL/ Klang Valley. To accelerate the initiative, 131 “Entry Point Projects” (EPP) worth the US $138 billion were proposed, which are expected to create 3.3 million new jobs by 2020.

In 2015, the Malaysian government announced the Eleventh Malaysian Plan (2016-2020) under the theme of "People-oriented Growth". The plan aims to increase national income, improve people's living standards and cultivate people with advanced thinking through six strategies: increasing productivity, innovating sectors, expanding the middle-class population, developing skills, education, and training, developing green technology, and investing in competitive cities.

In 2016, the Malaysian government put forward the National Transformation Plan 2050 (TN50), which aims to make Malaysia one of the top 20 economies in the world in 30 years.

In 2018, the Malaysian government conducted a mid-term review of the 11th Malaysia Plan. A new economic development blueprint has been put forward, including "inclusive development for the benefit of all", "balanced regional development", "administrative reform to improve efficiency", "developing high-value industrial chains", "strengthening human capital", "developing high-value industrial chains" and "environmental protection and sustainable development". In November of the same year, the Malaysian government released the "National Industry 4.0 Policy" and proposed the goal of building Malaysia into a strategic partner of intelligent manufacturing, investment destination of high-tech industry, and provider of high-tech solutions in the Asia-Pacific region in 2025.

In October 2019, the Malaysian government released the National Transport Policy 2019-2030, proposing to enhance the sustainable development capacity of the transport sector by accelerating the development of land, rail, air, and shipping sectors to promote the development of Malaysia's logistics industry and make Malaysia a regional logistics center.

In June 2020, Prime Minister Muhyiddin Announced that the government would launch a national revitalization plan totaling up to RM35 billion to deal with the impact of COVID-19 on the Malaysian economy. The short-term economic recovery plan will focus on three main goals: strengthening people, boosting business, and stimulating the economy. In addition, the government will inject RM10 billion directly into the scheme.