Come partake in Malaysia's economic transformation - Najib

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KUALA LUMPUR, Sept 28 - Prime Minister Datuk Seri Najib Tun Razak has called on international investors to partake in Malaysia's economic transformation programme which promises abundant busines and investment opportunities through hundreds of tangible projects.
In making the call, Najib said specific initiatives under the country's Economic Transformation Programme (ETP) has been lined up including seven already “immediately identified and ready to take off” for implementation.
The seven projects, entailing an investment of RM114.7 billion, would begin under the ETP before the year-end.
"We got many more in the pipeline. We have got 131 specific initiatives that would be converted into tangible projects and these will be made very public and investors will be invited to participate,” Najib said in an interview on CNBC's
“Closing Bell Excess” business programme in New York on Monday evening.
CNBC Closing Bell excess is a widely-watched business programme with a global audience which interviews leaders, top economists and market movers.
Najib, who is also Finance Minister, also assured investors there would be an effective mechanism to ensure execution and implementation of the projects destined to transform Malaysia into a high-income economy by 2020.
With US$1.4 trillion investments needed to drive the ETP, Najib said the government was “looking at resurrecting the role of the private sector to be the dominant sector”.
The government was also looking at some eight strategic reform initiatives that would drive the transformation programme which would ulimately create 3.3 million jobs in Malaysia's quest to become a developed nation.
He said Malaysia also took cognizance of dwindling investments last year and the realities in the marketplace whereby there was greater competition for the investment dollar.
"What we need to do is to be more globally competitive (and to this end) we have liberalised 27 sub-sectors to attract global investors.
“We are also looking at more reform initiatives besides looking at having a really specific plan that would get the market excited,” he said.
"I think the market is already excited about the plans, so we believe the targets are actually achievable,” he said.
As for the economy, Najib said fundamentals were favourable to drive growth.
The numbers really look promising, he said, citing the superlative 10.1 per cent expansion in Gross Domestic Product in the first-quarer of this year followed by a commendable 8.5 per cent growth in the second-quarter.
"We are looking at a pretty good performance for this year...certainly about six per cent,” he said.
The Prime Minister also expressed confidence in Malaysia's financial stability, buttressed by solid banks and financial institutions with the banking system very liquid and lending activities being very strong.
Other attributes such as strong consumer confidence, high domestic demand coupled with a benign external environment plus Malaysia's strong position as a trading nation has positioned the country well and lent credence to its macro economic fundamentals.
Despite scepticism by some quarters, Najib stressed Malaysia was very focused on becoming a developed nation based “on one single very measurable criteria which is GDP per capita.” "It's no use talking in general terms, let's be very very specific (and) targeted. Yes, we want to grow, we want to increase GDP per capita from about US$7,000 per capita to more than US$15,000.
"Its going to be a journey towards a massive transformation,” he said.
To questions that infrastructure related projects such as nuclear energy development and a high speed rail to Singapore, which were being discussed now, would further open up opportunities, he clarified that some of these projects were not immediate and could be planned for four or five years down the line.
Nevertheless, it enabled investors to plan ahead because there was now a clarity of direction, said Najib.
To views that the ongoing sodomy trial involving former deputy prime minister Datuk Seri Anwar Ibrahim was damaging the country's reputation, he said the trial had nothing to do with political prosecution.
"This is about one individual against another individual,” he said.
"And, there are laws in Malaysia and the judiciary is independent, so people have to accept that,” said Najib. - Bernama