Wednesday, July 17, 2024
Wednesday, July 17, 2024
Home » Private Investment to Grow by 6.4% Per Annum

Private Investment to Grow by 6.4% Per Annum

by Camren Potter
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KUALA LUMPUR: Private investment is expected to grow by 6.4% per annum or an average of RM301bil per year in current prices, supported by faster implementation of new and ongoing projects across key economic sectors.

To attract higher-quality investment, efforts will be intensified to promote technology-linked investment in high-growth, high-value industries, including electrical and electronics, smart farming and renewable energy (RE), according to the mid-term review of the 12th Malaysia Plan (2021 to 2025) report by the Economy Ministry.

In addition, firms will be encouraged to increase investment in machinery and equipment to expand capacity and productivity.

The report noted that existing investment initiatives would be reviewed to attract quality investment, which utilises frontier technologies and offers technology transfer.

It said the private sector would be encouraged to intensify green investment in business operations and premises, including for the development and utilisation of RE sources.

Meanwhile, the government will facilitate greater involvement of higher learning institutions, research institutes and the private sector to accelerate research, development, commercialisation and innovation activities.

The initiatives will attract higher-quality investments, particularly focusing on advanced technology.

Additionally, public investment is projected to grow by 3.9% per annum or an average of RM83bil per year in current prices attributed to the federal government development expenditure and capital expenditure by non-financial public enterprises.

As such, the government will continue to implement programmes and projects to expand the productive capacity of the economy.

The projects include the opening of new high-tech industrial estates in Kimanis and Kota Belud, Sabah and Chuping Valley Industrial Area in Perlis, as well as the expansion of Samajaya High-Tech Park in Sarawak and Tok Bali Industrial Park in Kelantan, besides the construction of Central Spine Road and implementation of Pelan Jalinan Digital Negara or Jendela), according to the report. — Bernama

Source : TheStar

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