The Economic Transformation Programme (ETP) achieved a very encouraging progress last year, registering RM830 billion in Gross National Income than the targeted RM797 billion, a deputy minister told the Dewan Rakyat today.

Deputy Minister in the Prime Minister's Department SK Devamani said the private sector investment also touched RM94 billion from the envisaged RM83 billion.

He said Malaysia's economy also grew at a healthy level in the first quarter of this year at 4.7 per cent.

"Malaysia's economy grew at an encouraging level in the first quarter as compared with countries like Singapore (1.4 per cent), South Korea (2.8 per cent), Taiwan and Hong Kong (both at 0.4 per cent)," he said when replying to Tiong King Sing (BN-Bintulu) during question time.

Tiong had queried on the ETP's performance thus far in ensuring the people enjoyed economic stability and whether the country's economy remained competitive in the global economy in the wake of lingering uncertainties.

Devamani said details of the Entry Point Projects (EPPs) under the ETP would be published in the 2011 annual report with the figures endorsed by the PricewaterhouseCooper accounting firm.

With the publication of the FDI Confidence Index 2012, an international independent organisation, A.T. Kearney, in its report had upgraded Malaysia's status to 10th spot this year from 21st two years ago.

"In the World Bank's publication, Ease of Doing Business Report 2012, Malaysia has moved up to 18th placing this year from 23rd last year," he said.

Devamany said seven new projects worth RM5.607 billion slated to generate RM2.361 billion in GNI and create 18,522 jobs by 2020 were announced by Prime Minister Najib Abdul Razak on Sept 13.

He said the government would strive to improve the country's competitive edge by enforcing the Competition Act 2010 to reduce the anti-competition spirit.

"The government is committed and will continue to work towards transforming Malaysia into a high-income nation," he added.

- Bernama

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