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Najib Announces RM5.85 Billion Worth Of Projects

By Thursday November 10th, 2011 No Comments

KUALA LUMPUR, Nov 10 (Bernama) — Prime Minister Datuk Seri Najib Tun Razak Thursday announced the ninth Economic Transformation Programme (ETP) progress update which consists of 13 projects, nine new and four recapped, with total investment value of RM5.85 billion.

All 13 projects were expected to contribute RM8.68 billion to gross national income (GNI) and create an estimated 16,902 jobs.

Among the new projects are by international companies such as IBM Corp, Toshiba Corp and Akamai Technologies.

IBM, a Fortune 500 company, will invest RM1 billion in its Global Technology Services Centre in Cyberjaya over the next five years.

Working closely with the Multimedia Development Corp, IBM will be recruiting 3,000 skilled workers.

Another Fortune 500 company, Toshiba, will relocate its regional operational headquarters to Malaysia.

With an investment of RM268 million, this initiative is expected to contribute some RM304.8 million to GNI and create 668 jobs by 2017.

Meanwhile, Akamai Technologies, an up-and-coming US-based company, will collaborate with Telekom Malaysia on the Netstorage project that will contribute RM3.53 million to GNI by 2013.

Other projects announced were in healthcare, agricultural, education, electronics and electrical as well as services sectors while those in progress were in palm oil, aerospace and oil and gas sectors.

Najib said the country remained focused in enhancing growth and competitiveness to make Malaysia even more compelling to investors.

“We will push ahead with reforms, including the Competition Act, which will come into effect on Jan 1, 2012 and the liberalisation of 17 services as announced in Budget 2012” he said here.

He said while he remained confident the country would be able to fast-track a generation of growth in 10 years, the ETP was only a year old and would take time before the benefits were felt across the country.

With these new projects, the ETP has recorded RM177.1 billion in commitment investment, RM237.23 billion in projected GNI and 389,263 potential new jobs.

Up to June 2011, the private sector has invested RM51.2 billion in the economy.

During the one-year period, 97 projects under ETP were in various stages of implementation.

Source : Bernama

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