KUALA LUMPUR: The Budget 2010 will lay the foundation for the new economic model and the formulation of the 10th Malaysia Plan.
The Economic Report released on Friday, Oct 23 said measures would be taken to move the country to a high-income economy.
"It focuses on moving the nation to a high-income economy by strengthening the private sector as an engine of growth, creating skillful and talented workforce, intensifying R&D activities as well as promoting innovation and creativity," it said.
The thrust will be to create a conducive environment for businesses and entrepreneurship to thrive in a more liberalised environment supported by market driven policies.
"The government is also committed to consolidate its financial position to create fiscal flexibility," it said.
To achieve the objective of becoming a high income economy, the government will revitalise private investments. This would be achieve through improving the investment climate.
"Barriers to investment including policies, rules, regulations and procedures will be reviewed," it said, as the government creates more opportunities for the private sector.
The report highlighted that foreign investors would be attracted to take up equity positions in local companies and encouraging joint venture projects.
"Under the second wave of privatization, selected government agencies will be privatised. In addition, customized incentives will continue to be provided to attract investment in the growth corridors," it added.
The financial sector will be enhanced to ensure efficient intermediation. Hence, measures will be taken to enhance access, reduce transaction costs as well as promoting stockbroking and fund raising activities.
The report also said the government will addresses issues relating to motor vehicle insurance to ensure basic coverage is affordable.
Money lending activities will be closely monitored and regulated to protect consumers.
The Economic Report released on Friday, Oct 23 said measures would be taken to move the country to a high-income economy.
"It focuses on moving the nation to a high-income economy by strengthening the private sector as an engine of growth, creating skillful and talented workforce, intensifying R&D activities as well as promoting innovation and creativity," it said.
The thrust will be to create a conducive environment for businesses and entrepreneurship to thrive in a more liberalised environment supported by market driven policies.
"The government is also committed to consolidate its financial position to create fiscal flexibility," it said.
To achieve the objective of becoming a high income economy, the government will revitalise private investments. This would be achieve through improving the investment climate.
"Barriers to investment including policies, rules, regulations and procedures will be reviewed," it said, as the government creates more opportunities for the private sector.
The report highlighted that foreign investors would be attracted to take up equity positions in local companies and encouraging joint venture projects.
"Under the second wave of privatization, selected government agencies will be privatised. In addition, customized incentives will continue to be provided to attract investment in the growth corridors," it added.
The financial sector will be enhanced to ensure efficient intermediation. Hence, measures will be taken to enhance access, reduce transaction costs as well as promoting stockbroking and fund raising activities.
The report also said the government will addresses issues relating to motor vehicle insurance to ensure basic coverage is affordable.
Money lending activities will be closely monitored and regulated to protect consumers.
Written by Joseph Chin
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