Malaysia’s economy is set to skyrocket to a super-impressive level in just another 10-year, thanks to an economic road map involving investments of about US$444 billion (RM1.3 trillion) to power the country towards becoming a high income economy by 2020, provided you believe this is not another Mother of all Slogans gimmick to create feel-good factors before the next snap election.
Minister in PM Department and Pemandu CEO Idris Jala claimed the so-called ETP (Economic Transformation Programme) would triple the country’s GNI from RM660 billion to RM1.7 trillion. It was definitely a blockbuster presentation by Idris with all the buzzwords such as ETP, GTP, NKEA, NKRA, SRI, NEM and whatnot thrown in.
The wish-list presented:
- The country’s GNI (it’s gross national income and not “genie”) would grow at 6% annually and set to hit US$523 billion by 2020 from US188 billlion last year – a staggering 178% improvement *whoa*
- GNI per capita will jumped to RM48,000 by 2020 from RM23,700 in 2009
- Estimated new jobs creation – 3.3 millions (you hear that, Barack Obama?)
- The RM1.3 trillion investments are derived from 131 EPP (entry point projects) and 60 business opportunities – 92% funding to come from private sector
- Seven projects worth RM115 billion is set to start by end of 2010
- Plans to build 141km of rail lines via a Mass Rapid Transit high-speed rail system connecting Kuala Lumpur and Singapore
- Transform the Klang River to a “River of Life” commercial and heritage district
- EPP spread across 12 NKEAs (national key economic areas) namely:
- Oil, gas and energy
- investment – RM217.6 billion
- incremental GNI – RM131.5 billion
- new jobs creation – 52,000 by 2020
- Palm oil
- investment – RM124.2 billion (98% from private sector)
- incremental GNI – RM178 billion
- new jobs creation – 42,000 by 2020
- hope to contribute RM1,889 GNI per capita
- Financial services
- GNI contribution – RM180 billion (by RM121 billion)
- Employees with more than RM1 million in EPF accounts encouraged to invest in private pension fund
- Tourism
- investment – RM204 billion (2% from public sector)
- GNI contribution – RM104 billion (triple from RM37 billion in 2009)
- To develop IR (integrated resort) in Sabah – another Singapore’s IRs like consists of new casino(s)?
- Business services
- Electrical and electronics
- GNI contribution – RM90 billion
- new jobs creation – 157,000 by 2020
- Wholesale and retail
- Education
- To attract 200,000 foreign students by 2020
- GNI contribution – RM61 billion
- New jobs creation – 536,000
- Healthcare
- Communications content and infrastructure
- GNI contribution – RM58 billion
- Connecting 6,000 schools including 6 million users and 860,000 wireless broadband users
- Agriculture
- Greater Kuala Lumpur
The hidden problems government would not share with you:
- The projected 6% annual growth rate for 10-years did not take into consideration the possible slowdown or recession within the period. Furthermore the country has never experience annual growth rate of more than 5% from 2000 to 2010
- The plans did not take into consideration of currency fluctuation although the ringgit has strengthened against the dollar recently.
- The government has been very inefficient in fighting inflation and almost all the time the inflation figure released were deliberately modified to the taste of the government. Even with the strength of the ringgit now, the prices of consumer goods have actually gone up instead of goes down.
- Not much has been said about preventing brain-drain, one of the most important factors in driving the so-called ETP.
- Malaysia’s universities world ranking continue to drop or fluctuate within levels that do not reflect any progress that could fit into ETP’s ambitious plan.
- The UNCTAD World Foreign Investment Report (WIR) 2010 showed that FDI in Malaysia plunged 81% in 2009 (attracted only US$1.38 billion compared to US$7.3 billion in 2008), trailing behind countries like the Singapore, Thailand, Indonesia and even Philippines and Vietnam. So will the FDI miraculously jump with this ETP?
- The government was deadly silent on how the country can compete with neighbouring countries for the FDI hence the majorities skeptical of such plan.
- Quality Research and Development is in exceptionally poor capacity since most of the top brains have migrated but does the government have the political will to improve human capital?
- Over the last 10-years, private investment totalled only RM535 billion so it’s amazing to see the private investors would suddenly more than double their investment in the next 10-years considering the current political and global economic climate
- To put a tag of 50% leakage (or rather corruption) in any government projects is a understatement. Using this as a rule of thumb nevertheless shows that half of RM1.3 trillion will actually goes into corruption, a staggering figure indeed. In case you’re math-blind we’re talking about RM650 billion leakages here, mind you.
Hari Raya may have just ended and the Christmas is still 3-months away but credit should be given to Idris Jala and Najib’s administration for putting the effort in convincing the voters that Santa Claus will indeed grant us the nice to have wishful items list. The fact is the ruling government is still too busy playing the racial games in separating the ethnic-Malay, ethnic-Chinese and ethnic-Indian – a key ingredient in moving human capital towards the economic goal.
However the government can always put the blame on private sector should the initiative fails because it has warned before-hand that ETP is actually private sector driven. Heck, that’s the problem if you have an administration who thought the country’s economy can be transformed as easily as Transformer being transformed into Bumble Bee.
Other Articles That May Interest You …
- The Return of Daim Zainuddin’s Monopoly Game
- PM Najib’s Cronies and their Related Companies
- Mahathir’s Racist Agenda – Dynasty’s Survival Series
- “One Malaysia” – April Fool’s Slogan to Fool You Again?
- Why Can’t Public Enjoy the Benefits of Strong Ringgit?
- After IDR now NCER – Segregating Pies
- Mahathir Admitted Malaysian Cabinet’s Stupidity
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September 23rd, 2010 by financetwitter
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Comments
Thank you for your great effort to highlight the “Details…”
After all that has been said…
Just to share this…
Another “Jaguh Kampung Syok Sendiri Pre Election Exercise”
While Bolehland & its citizens “Burns”!
Gerald Celente: US Economy = Depression – http://www.youtube.com/watch?v…r_embedded
Mind blowing speech by Robert Welch in 1958 predicting Insiders plans to destroy America – http://www.youtube.com/watch?v=AZU0c8DAIU4&feature=related
This is proof that there are plans in place by the elite to systemically disassemble US sovereignty.” Unquote.
(Does that sound familiar in Bolehland!)
As such ALL Malaysians MUST Restore the Independence of Malaysia & Malaysians…
Malaysians MUST “Get the Ketuanan UMNOputra/BN out of Malaysia & Malaysia out of the Ketuanan UMNOputra/BN Regime…”
Confessions of an Economic Hitman – http://hubpages.com/hub/Confessions_of_an_Economic_Hit_Man
“Economic hitmen (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars.
They funnel money from the World Bank, U.S. Agency for International Development, and other foreign “aid” organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet’s natural resources.
Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization.
I should know; I was an EHM.
I wrote that in 1982, as the beginning of a book with the working title Conscience of an Economic Hit Man.
We EHMs failed to bring Roldós and Torrijos around, and the other type of hit men, the CIA-sanctioned jackals who were always right behind us, stepped in….
It is your story too, the story of your world and mine, of the first truly global empire. History tells us that unless we modify this story, it is guaranteed to end tragically. Empires never last…
This book was written so that we may take heed and remold our story. I am certain that when enough of us become aware of how we are being exploited by the economic engine that creates an insatiable appetite for the world’s resources and that results in systems that foster slavery, we will no longer tolerate it.
We will reassess our role in a world where a few swim in riches and the majority drown in poverty, pollution, and violence. We will commit ourselves to navigating a course toward compassion, democracy, and social justice for all.
Admitting to a problem is the first step toward finding a solution. Confessing a sin is the beginning of redemption. Let this book, then, be the start of our salvation. Let it inspire us to new levels of dedication, and drive us to realize our dream for balanced and honorable societies.” Unquote.
How about joining the dots…
http://www.themalaysianinsider.com/malaysia/article/putrajaya-renews-controversi\
al-apco-contract/
Putrajaya renews controversial APCO contract
By Shazwan Mustafa Kamal July 06, 2010
KUALA LUMPUR, July 6 – The Najib administration has renewed its contract with APCO Worldwide for another year…
It is understood that APCO has hired “more local consultants” for the new contract, which sources in the Prime Minister’s Department say is not as lucrative as the whopping RM76.8 million paid for the first year from July
15, 2009 to June 4, 2010 in exchange for its public relations services to boost Malaysia’s image internationally…” Unquote.
Also to share this…
How Big Tobacco Helped Create “the Junkman” | Center for Media and Democracy – http://www.prwatch.org/prwissues/2000Q3/junkman.html
“…The purpose of TASSC, as described in a memo from APCO’s Tom Hockaday and Neal Cohen, was to “link the tobacco issue with other more ‘politically correct’ products”- in other words, to make the case that efforts to regulate tobacco were based on the same “junk science” as efforts to regulate food additives, automobile emissions and other industrial products that had not yet achieved tobacco’s pariah status…” Unquote.
“Increasingly today, one can find examples of junk science that compromise the integrity of the field of science and, at the same time, create a scare environment where unnecessary regulations on industry in general, and on the consumer products industry in particular, are rammed through without respect to rhyme, reason, effect or cause” – Michael A. Miles, former CEO of the Philip Morris tobacco company.
The “Club of Doom…is Welcoming Bolehland to join its ranks…”
U.S. National Debt Clock : Real Time – http://www.usdebtclock.org/
It is just round the corner!
Is Bolehland “Padded” with any Contingency Plan for the inevitable 2nd Financial Tsunami?
Eat your heart out “Sheeple!”
You be the judge.
Cheers.
Leakages of 65b per year plus the withdrawal of subsidies to the poor as the govt needs money to achieve their portion of the plan makes sense. If I am a govt party member I would be elated. Make hay while the sun still shines….that is the crux of ETP.