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Greater Kuala Lumpur/Klang Valley 22 Contents A Note from the Prime Minister 2 A Note from the Deputy Prime Minister 4 2011 Review of the ETP 6 ETP Scorecard 17 ETP Milestones 18 National Key Economic Areas (NKEAs) 20 . Greater Kuala Lumpur/Klang Valley 22 . Oil, Gas and Energy 36 . Financial Services 52 . Wholesale and Retail 70 . Palm Oil and Rubber 86 . Tourism 104 . Electrical and Electronics 120 . Business Services 138 . Communications Content and Infrastructure 150 . Education 164 . Agriculture 180 . Healthcare 200 Strategic Reform Initiatives (SRIs) 212 . Competition, Standards and Liberalisation 214 . Public Finance 219 . Public Service Delivery 222 . Narrowing Disparity 225 . Government’s Role in Business 229 . Human Capital Development 231 International Performance Review 238 Agreed-Upon Procedures by PwC 250 Appendices . List of Entry Point Projects 251 and Business Opportunities . Glossary of Terms 257 ETP ANNUAL REPORT 2011 A Note from the Prime Minister It has been just over a year since I launched the Economic Transformation Programme, and I am extremely pleased to note the excellent progress made to transform Malaysia into a high-income, fully-developed nation by 2020 The ETP has adopted a two pronged approach – to be focussed and competitive – and I believe that the Roadmap published in October 2010 has been very clear in detailing out key prioritisation areas for the nation. I believe that this has had a positive effect, both domestically and internationally. This brings us a step closer towards transforming Malaysia into a globally competitive investment destination. As a nation, we have focussed on 12 National Key Economic Areas, sectors where Malaysia can compete globally. To date, 131 Entry Point Projects (EPP) have been identified to kickstart growth as well as to catalyse investment and participation from the private sector. It is gratifying to note that private sector investment has grown to RM94 billion in 2011, increasing some 19.4 per cent from 2010. I have hosted eight ETP Progress Updates over the course of 2011. 110 projects were launched, 55 per cent of the EPPs have taken off, and over RM179.2 billion in investment has been committed, an unprecedented amount over a 12- month period. These projects are projected to contribute some RM129.5 billion in gross national income in 2020, and create over 313,741 new jobs by 2020. In July, we launched the Strategic Reform Initiatives, these will complement our focus, creating an environment to allow Malaysians to be competitive on the global stage. I am confident that the Government in partnership with the private sector, can and will proceed full speed ahead, especially in implementing the structural reforms to enable us to achieve the targets on investment. With this in mind, I have announced the liberalisation of foreign ownership of banks. Foreign banks will be allowed to own bigger stakes in local institutions, grant more licences and ease short-selling rules. By end 2012, a further 17 service sub-sectors will be liberalised, allowing up to 100 per cent foreign equity participation. Earlier, 24 sub-sectors have been opened up. 2 A Note from the Prime Minister Let me reiterate that we remain committed to reducing Malaysia also moved up five places to the 21st position of government’s role in business to enable the private sector 142 countries globally in the World Economic Forum Global to take the lead; simplifying and reducing the cost of doing Competitiveness Report. We were ranked sixth amongst Asia business; and developing a larger pool of qualified and Pacific countries and second in ASEAN. skilled workers. It is important that we give ourselves credit for doing a As a testament to the Government’s commitment, all remarkable job this year. It is, and continues to remain ministers and ministries’ KPIs, with deliverables and challenging, to galvanise the entire civil service to push timelines, were set out in early 2011. To ensure smooth ahead with the reforms. However, we remain on course implementation of the projects under the ETP, we have put as we will be impacted by the on-going global economic in place a problem escalating governance structure from uncertainty and higher productivity is critical to our future PEMANDU to ministers, and to the Economic Council which success as a nation. I chair every week. I would like to take this opportunity to thank all the I am pleased to announce that all of the NKEAs have either ministers and civil servants for their contributions. We have exceeded or met their 2011 targets. While it is natural that indeed done and achieved much this year. I would also like some KPIs will outperform others due to the dynamism of to express our appreciation to all in PEMANDU especially the economy, we are taking steps to address the issues to Senator Dato’ Sri Idris Jala and his team of directors who ensure we achieve the set targets. have been driving the ETP. In 2011, Malaysia’s GDP grew by 5.1 per cent. Foreign direct There are challenging and rewarding times ahead. Let us investment (FDI) rose to RM32.9 billion in 2011. This is an continue to keep our eye on the ball as there is another nine increase of 12.3 per cent over the RM29.3 billion in 2010. years of hard work ahead of us. I am confident that together, It is gratifying to note that private sector investment has we can transform our country into a globally competitive grown to RM94 billion in 2011, up 19.4 per cent from 2010. investment destination, and high income fully developed nation, by 2020. Thus, ensuring every citizen benefits. I urge Internationally, our efforts have been recognised. According you to join us to scale these new heights. to the AT Kearney 2011 FDI Confidence Index, inflows rose 537 per cent to US$9 billion in 2010 from the previous year. They reported that this number will be surpassed in 2011 and, based on the sentiments reflected in the index, it is likely to continue in this positive direction in 2012. In the World Bank Report on Doing Business 2012, we improved five positions to 18th from 23rd in 2011 amongst Yang Amat Berhormat 183 economies. The report puts us ahead of countries such Dato’ Sri Mohd Najib bin Tun Abdul Razak as Germany, Japan, Taiwan and Switzerland. Prime Minister of Malaysia 3 ETP ANNUAL REPORT 2011 A Note from the Deputy Prime Minister I am delighted that we have made good progress in delivering social development and economic growth in 2011 under the complementary Government Transformation Programme and Economic Transformation Programme When we launched these two transformation programmes in 2010, we were clear that we needed both to achieve our Vision 2020 goal of becoming a high income nation with inclusiveness and sustainability. Our efforts are bearing fruits. I see them in the reduction of crime rates, the improvement in literacy and education, and in the urban transport work that we are doing. I see people’s lives being changed. For instance, under the rural basic infrastructure project, we built 1,780.1 kilometres of roads and we gave 108,679 houses clean and treated water–impacting the lives of some three million Malaysians, a million more than we had in 2010. We are touching people’s lives in areas that matter most to them. And we continue to be responsive to the rakyat’s needs. In July 2011, in response to the public’s feedback, we launched a new focus area – Cost of Living – to ensure that we meet the needs of those who are most vulnerable economically. With this in mind, we have committed more resources to development. In the 2012 Budget, Prime Minister Dato’ Sri Najib Tun Razak announced an allocation of RM232.8 billion on plans focussing on the well-being of the rakyat. The results in improving public service delivery and liveability also complement the ETP in attracting foreign investments. According to the AT Kearney 2011 FDI Confidence Index, inflows rose 537 per cent to US$9 billion in 2010 from the previous year. They reported that this number will be surpassed in 2011 and, based on the sentiments reflected in the index, it is likely to continue in this positive direction in 2012. 4 A Note from the Deputy Prime Minister This is good news. Our task now is to ensure that Malaysia As we move forward in 2012, we remain focussed on continues to attract FDI. To achieve this, we will, amongst building an eco-system that is both conducive to the rakyat other initiatives, speed up the pace of reforms. The and investors – continuous improvement in public service Prime Minister has already reiterated the government’s delivery, enhancing liveability, growing the economy, and commitment to follow through with structural policy ensuring that everyone enjoys the benefits of economic reforms. progress. We encourage your active participation every step of the way – from tracking the progress of the plans One other key concern amongst investors is corruption. The to providing feedback and coming forward with pragmatic government is committed to weed out corruption. This is suggestions – so that we can deliver the results that matter especially critical as private sector investments are expected to you, and achieve our 2020 aspirations. to contribute 92 per cent of our country’s total investment needs in our aim to become a high-income nation in just nine years’ time. We have put building blocks in place such as introducing the Whistleblowers’ Protection Act, Corruption Integrity Pledge for the business sector in 2010 and anti-corruption hotline. This is a good start and we will continue with the Yang Berhormat work.
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