KUALA LUMPUR, April 2 2012 (Bernama) -- All 12 National Key Economic Areas (NKEAs) have either exceeded or met their last year's targets, says Prime Minister Datuk Seri Najib Tun Razak.
"While it is natural that some Key Performance Indicators (KPIs) will outperform others due to the dynamism of the economy, we are taking steps to address the issues to ensure we achieve the set targets," he said in "A Note from the Prime Minister" in the Economic Transformation Programme (ETP) Annual Report 2011.
The report was released today by the Performance Management and Delivery Unit (PEMANDU), a unit in the Prime Minister's Department.
PEMANDU's main role is to oversee the implementation, assess the progress, facilitate and support the delivery and drive the progress of the Government Transformation Programme (GTP) and the Economic Transformation Programme (ETP).
In his note, Najib said as a testament to the government's commitment, all the ministers and the ministries' KPIs, with deliverables and timelines, were set out in early last year.
"To ensure smooth implementation of the projects under the ETP, we have put in place a problem escalating governance structure from PEMANDU to ministers, and to the Economic Council which I chair every week," he said.
Najib said Malaysia would be focusing on the 12 NKEAs, sectors where the nation can compete globally.
To date, 131 Entry Point Projects (EPPs) have been identified to kick-start growth and to catalyse investment and participation from the private sector.
The prime minister also recapped that he had hosted eight ETP Progress Updates last year.
A total of 110 projects have been launched, 55 per cent of the EPPs have taken off, and over RM179.2 billion in investment has been committed, an unprecedented amount over a 12-month period, he said.
He said these projects were projected to contribute RM129.5 billion in gross national income in 2020 and create 313,741 new jobs by 2020.
On the Strategic Reform Initiatives launched in July, Najib said he was confident that the government, in partnership with the private sector, "can and will proceed full speed ahead, especially in implementing structural reforms to enable us to achieve the investment targets."
By end of this year, Najib said a further 17 service sub-sectors would be liberalised, allowing up to 100 per cent foreign equity participation.
Earlier, Malaysia had opened up 24 sub-sectors, he said.
Najib said the government remained committed to reducing government's role in business to enable the private sector to take the lead; simplifying and reducing the cost of doing business; and developing a larger pool of qualified and skilled workers.
Going forward, Najib said: "There are challenging and rewarding times ahead."
"Let us continue to keep our eye on the ball as there is another nine years of hardwork ahead of us," he said.
Najib said the country remained on course as it would be impacted by the ongoing global economic uncertainties and higher productivity was critical for future success as a nation.
Malaysia was undergoing a mass transformation process, with the ultimate aim to be a globally competitive investment destination, and a high income fully developed nation, by 2020, he added.
Najib updated on the ETP and GTP progress and challenges later today.