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12MP to ensure manufacturing remains as growth driver

FMM In The News: THE MALAYSIAN RESERVE, Tuesday, September 28, 2021 - The Federation of Malaysian Manufacturers (FMM) welcomed the 12th Malaysia Plan (12MP) that emphasised several key enablers which would be critical in supporting the private sector and the manufacturing sector as the main drivers of growth.

FMM president Tan Sri Soh Thian Lai said catalysing strategic and high impact industries which will be able to attract high quality investments and expand export base and participation in the global value chain.

“Existing incentives will be reviewed, to focus on investments based on advanced technologies and meet aspects of environmental sustainability.

“We laud the development of a centralised platform for the Technical and Vocational Education and Training supply and demand data and establishment of a more flexible higher education system to enhance collaboration with industry to improve the quality of graduates and meet industry needs,” he said in a statement today.

FMM commends the government for tabling a transformational, holistic and pragmatic 12MP focused at addressing the immediate and medium-term issues and challenges faced by the nation with the themes of resetting the economy; strengthening security, wellbeing and inclusivity; and advancing sustainability.

Four catalytic policy enablers, namely developing future talent, accelerating technology adoption and innovation, enhancing connectivity and transport infrastructure as well as strengthening the public service will support the achievement of the themes of the plan.

More importantly, these policy enablers would be key to ensuring that Malaysia is able to achieve the target annual GDP growth of 4.5% to 5.5%, the higher GNI per capita of RM57,882 by 2025 as well as to support the manufacturing sector which has been targeted to achieve an average growth rate of 5.7% over the period.

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