Malaysia

Najib announces RM1b fund, takes swipe at Pakatan

The PM also stressed, “The government has an outstanding track record of delivery, as well as a firm and coherent plan for our future.” — file pic The PM also stressed, “The government has an outstanding track record of delivery, as well as a firm and coherent plan for our future.” — file pic KUALA LUMPUR, July 3 — Datuk Seri Najib Razak announced today his government would set up a RM1 billion domestic investment strategic fund, while taking a swipe at Pakatan Rakyat (PR) for taking credit for the achievements made in their short tenure in control of states they won in the last elections.

“Certain quarters may try and say that progress has been achieved only in their short tenure of administration of the states, but we know to achieve thus far, it has to take longer than just a few years,” the prime minister said today in his address during the official launch of the Malaysian Investment Development Authority’s (MIDA) new corporate headquarters and logo here.

“The government has an outstanding track record of delivery, as well as a firm and coherent plan for our future,” he added.

In announcing the establishment of the RM1 billion fund under MIDA, the prime minister said it was "to accelerate the participation of Malaysian-owned companies in targeted industries".

He said the fund aimed to harness and leverage on outsourcing opportunities created by multinational corporations operating in Malaysia; intensify technology acquisition by Malaysian-owned companies; and enable these companies to secure international standards or certifications in strategic industries.

"Our aim is for direct domestic investment (DDI) to account for 73 per cent of investment in the economy by 2020, with 27 per cent sourced from FDI (foreign direct investment)," he said.

"The majority of this investment will come from the private sector, and in turn, the private sector will be the main driver of growth within the economy," he added.

Najib also pointed out his Economic Transformation Programme (ETP), "formulated to create economic opportunities worth RM1.3 trillion in 12 priority sectors and to transform our nation to developed status by 2020", is fully on track.

"RM179 billion has been invested, more than 310,000 jobs created and per capita GNI (gross national income) has increased to US$9,700 (RM30,685.91)," he said, adding this was due to investors' confidence in Malaysia and the impact of various government initiatives.

"Any good investor will tell you to invest for the long term - and that is precisely why here in Malaysia we are investing in the long-tern future of our country."

Najib said the introduction of new transformation policies under his administration introduced may “divert from what came before”, but stressed the public “should be very grateful to all the leaders from our independence who have contributed so much to our nation”.

“All of their individual achievements are forever written in history, and their influence will forever be felt in our future,” Najib said, adding he was confident of his current regime.

“After the achievements of the last two years, I am confident that we can all be excited by the change we have brought about collectively,” he added.

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