Budget 2011 boost for Economic Transformation Programme

Budget 2011 boost for Economic Transformation Programme
Posted on October 17, 2010, Sunday

PUTRAJAYA: Pemandu has received the necessary allocations to carry out the implementation of its Government Transformation Programme (GTP) and Economic Transformation Programme (ETP) initiative in 2011.

“The budget allocations clearly demonstrated the Government’s commitment to ETP. This will enable us to put up the eight per cent public funding required to catalyse the 92 per cent private sector investment.

“As the ETP is co-created by the private sector from the ground up through a 1,000-person workshop and 500-person nine-week lab, we now need the private sector to deliver on its promise,” said Senator Datuk Sri Idris Jala, Minister in the Prime Minister’s Department and chief executive officer of Pemandu.

“The estimated growths of 10.2 per cent and 6.3 per cent for private sector investments and private consumption respectively are aligned with the ETP’s strategy for a private sector-led and a more private consumption-driven economic expansion,” he added.

The ETP initiatives covered in the 2011 Budget include:

• the Mass Rapid Transit (MRT) in Greater Kuala Lumpur/Klang Valley
• measures to revitalise the domestic capital market
• the launch of a Private Pension Fund
• RM857 million allocation for local Electrical and Electronics sector
• RM146 million allocation for the Oil, Gas and Energy industry
• RM3.8 billion allocation to increase productivity and generate higher returns in the agriculture sector
• RM85 million allocation for infrastructure facilities to facilitate construction of hotels and resorts in remote areas, and RM100 million allocation to further support the tourism industry
• the RM3 billion eco-nature resort in Sabah
• the abolishment of existing import duty of between five to 30 per cent on approximately 300 goods
• RM297 million allocation to support palm oil replanting activities
• RM127m allocation to support domestic oleo derivatives companies and RM23.3m to expand downstream palm oil industries
• The set-up of the Wage Consultation Council to determine the rate and mechanism of the minimum wage policy
• Allocation for Wholesale and Retail sector activities such as Tukar, Pakar and automotive workshop transformation.

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