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Friday, June 11, 2010

Key Highlights of 10MP

Some of the key highlights of 10MP announced by PM on 10th June 2010:
  • Public-private partnership for projects. Fifty-two high-impact projects worth RM63 billion to be implemented.
  • Of the 52 projects, seven are highway projects costing RM19 billion. They include the West Coast Expressway, Guthrie-Damansara Expressway, Sungai Juru Expressway and Paroi-Senawang-KLIA Expressway;
  • Two coal electricity generation plants costing RM7 billion.
  • Development of the Malaysian Rubber Board's land in Sungai Buloh, covering 3,300 acres at an estimated RM10 billion.
  • Facilitation fund of RM20 billion under 10MP to help the private sector finance projects with strategic impact and those with huge economic spillover. Fund expected to attract RM200 billion in private sector investments.
  • Projects considered for financing are Land Reclamation in Westport in Port Klang, Malaysia Truly Asia Centre in Kuala Lumpur and Senai High Technology Park in Iskandar Malaysia, Johor.
  • Development of a wider, efficient multimodal transport network. Includes Phase 2 of East Coast Expressway from Kuantan to Kuala Terengganu, to be completed in 10MP costing RM3.7 billion.
  • RM8 billion electrified double-track rail project from Gemas to Johor Bahru.
  • Mudharabah Innovation Fund (MIF), with RM500 million allocation to provide risk capital to government venture capital companies.
  • Gross national income per capita to rise to RM38,850, or US$12,140 in 2015. Real GDP growth of 6% per annum.
  • Private sector investments to grow at 12.8% or RM115 billion per annum.
  • Fiscal deficit to be reduced from 5.3% of GDP in 2010 to below 3% in 2015.
  • New Energy Policy to strengthen energy supply by creating a more competitive market, reducing energy subsidy in stages.
  • Regional economic development to focus on a number of dense urban clusters with high value industries to attract investments and skilled workforce.
  • RM500 million fund for the repair and maintenance works of public and private low-cost housing.
  • 78,000 new affordable public housing units nationwide. Low-cost public housing units would be provided to qualified individuals and families with household incomes of less than RM2,500 per month.
  • Bumiputera participation in economy to include financial and non-financial assets, such as real estate and business premises as well as professional employment.
  • Target of at least 30% bumiputera corporate equity ownership at macro level remains.
  • Pelaburan Hartanah Bhd to set up Real Estate Investment Trusts (REITs) to facilitate bumiputera investment in commercial and industrial properties and benefit from property appreciation.
  • The 10MP will focus on raising the income and quality of life of the bottom 40% household income group. Bumiputeras form 73% of the 2.4 million households in this group.
  • RM280 million for 2011 and 2012 for government-aided schools to undertake renovations, upgrading. Chinese schools, Tamil schools, religious schools and mission schools will receive RM70 million for the first two years of the plan.
  • Expanding essential facilities in rural areas. 6,300km of paved roads in Peninsular Malaysia, 2,500km in Sabah and 2,800km in Sarawak, which are expected to benefit 3.3 million people. Government to boost public transportation network in Kuala Lumpur with high capacity Mass Rapid Transit system to cover a radius of 20km from the city centre, with total length of about 150km. When fully operational, it will serve up to two million passenger trips per day from 480,000 trips on current urban rail systems.
  • RM1.5 billion Green Technology Financing Scheme to enhance the application of green technology in the production of goods and provision of services.

Source: The Edge

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