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Budget 2012: Malaysian ICT industry's careful welcome

AvantiKumar | Oct. 10, 2011
Malaysian PM continues transformation theme in Budget 2012 proposals, which will cost US$74 billion.

In his Budget speech, Najib also said foreign direct investment (FDI) has increased six-fold to RM29 billion in 2010, the highest growth in Asia, and is expected to expand by15.9 percent in 2012.

Analyst firm Frost & Sullivan head of public sector consulting (Malaysia) Karthik Rajan said the 2012 budget announcements focused on strategies and programmed to enhance the nation's potential growth its comparative areas as well as improve the well being of the people. "The main focus is on improving nation’s potential growth amidst global economic slowdown due to structural weaknesses in advanced economies. Despite the uncertainties in the external sector, the economy is envisaged to register between 5 percent to 6 percent growth in 2012, underpinned by resilience domestic demand. Private consumption and investment activities will support growth on the demand side while on the supply side the improvement in innovation, labor productivity and efficient use of capital will support the growth."

"Measures to prepare and tackle the possible global recession are on-the-money: accelerated liberalisation of the services sector, continued investments in the five regional corridors, continued focus on capacity building and enhancing delivery system in the public sector are among others," said Rajan. "Equally important was the ample focus on innovation, SME development, education, healthcare which are likely to benefit people across all segments."

 

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