Jobs by the million and trillion in investment

KUALA LUMPUR: The Barisan Nasional (BN) government plans to create 3.3 million new jobs and rake in RM1.3 trillion worth of investments in the next five years as it strives to achieve per capita income of US$15,000 (RM45,000) by 2020.

Two million of the 3.3 million jobs would be in high-income sectors, according to the BN’s election pledge launched by Prime Minister and BN chairman Datuk Seri Najib Tun Razak.

The manifesto said as the nation gears towards generating more wealth and jobs, special incentives would be provided for innovative and creative ventures.

Themed ‘People First’, the document also unveiled the coalition’s plan to increase access to micro credit for all Malaysians, including RM100 million for hawkers and petty traders.

To date, the government had provided soft loans of up to RM25,000 for licencees and RM500,000 for licensors to hawkers and small businesses.

Apart from that, Amanah Ikhtiar Malaysia had provided micro credit facilities of up to RM8 billion for mainly women small scale entrepreneurs.

In creating more global and regional champions, the BN will pursue the transformation of small and medium entrepreneurs (SMEs) and establish a national trading company to source overseas markets for SME products.

The manifesto highlighted the BN’s pledge to reform the existing tax structure towards a more broad-based tax system and gradually reducing personal and corporate tax.

It further vowed to work with state governments to allocate more land and increase productivity of existing land to enhance food and livestock production.

The manifesto underscored the BN’s commitment to implement policies that are fair and equitable to all races in Malaysia if the coalition is handed another five-year mandate to govern the country.

These include pro-growth policies, greater participation of the private sector and development of the capital market.

A favourable election outcome for the BN will see it enhance the effectiveness of the Bumiputera agenda, including those in Sabah and Sarawak, by providing business opportunities, a stronger eco-system like training and credit facilities as well as institutional support.

The government had established the Bumiputera Agenda Coordinating Unit (Teraju) as a one-stop unit to monitor and implement the Bumiputera agenda.

In addition, the government had provided an extra RM600 million this year for Bumiputera business community development.

The BN will ensure that government-linked companies (GLCs) continue to develop entrepreneurs by divesting non-strategic GLCs and increase outsourcing programmes for Bumiputera companies.

The election pledge stated that a victory at the polls would see the BN continue special cash payments as well as development and operational funding exceeding 20 per cent of oil and gas revenue to Sabah, Sarawak, Terengganu, Kelantan and Pahang.

For the Indian community, the manifesto underscored the BN’s pledge to set up a special unit to ensure the successful implementation of policies for the upliftment of the community.

It promised to provide RM500 million in seed funding to increase the equity of the Indian community to at least three per cent.