BUDGET 2019 | The Malaysia Incorporated Policy will be reintroduced in line with the government’s approach to stimulate entrepreneurship and encourage private sector participation in economic activities and overall development.

In the Economic Outlook 2019 report released by the Ministry of Finance, it said the policy will create an atmosphere of trust and accessibility among people, professionals, private and public to operate within the concept of a Malaysian company.

“The policy is expected to jumpstart a new version of the public-private partnership (PPP) in promoting investment and entrepreneurship in the country,” it said.

In this aspect, the land swap approach under PPP will be revised, whereby it will be decoupled from land development.

“Both the sale of the land and land development will be done on an open tender basis.

“At the same time, the government will reduce its involvement in business and allow the private sector to drive economic growth,” the ministry said.

The report also said that the government is committed to ensuring effective implementation of the open tender process, public investment and renegotiation of mega infrastructure projects.

This realignment will assist in achieving long-term growth and fiscal sustainability.

“Efforts will also be intensified by widening Malaysia's export markets.

“For this, the economy will be premised along the highest level of technology and efficiency,” it said.

The report also stressed that the economic growth in the future will be driven by high-technology sectors such as artificial intelligence, Internet of Things, cloud computing and big data analytics.

“Firms, especially the small and medium enterprises, need to stop from being too complacent and chasing short-term profits as well as holding off investment.

“The government will further encourage long-term foreign direct investment in green investments that would create jobs and a sustainable ecosystem,” it said.

– Bernama