- Advertisement -spot_img
4,820
published news
and counting

Strengthening and Rebuilding Malaysia’s Resilience

Must read

As Malaysia is slowly recovering and economically reopening from the pandemic, the National Budget 2022 is focusing on strengthening business resilience and health system in order to face the challenges ahead.

This was said by Minister of Finance, YB Senator Tengku Dato’ Sri Zafrul Tengku Abdul Aziz when he delivered the National Budget 2022 on 29th July 2021.

Investment in Key Sector

“The Government remains committed in ensuring that Malaysia continues to be an attractive investment destination, providing significant spill over effects to the economy,”

“The second strategy (of Second Focus) is to drive strategic investment in key sectors and strengthen growth drivers,” said Tengku Dato’ Sri Zafrul Tengku.

The National Budget 2022 is committed in ensuring Malaysia continues to be an attractive investment destination, providing significant spill over effects to the economy (Image source: Pixabay)

Below are programmes to strengthen the national economy by driving investment in key sectors.  

NoProgrammeAllocation
1Special strategic investment fund to attract strategic foreign investment among multinational corporationsRM2 billion
2Trade and Investment Mission to high-impact investment and new export marketsRM25 million
3Skills training programme to train 20, 000 workers to support industry clustersRM80 million
4State skills development programme to train 5,000 workers in fields such as oil and gas welding, industrial automation and mechatronicsRM50 million
5Smart Automation matching grant to 200 manufacturing and services companiesRM100 million
6Extension of Reinvestment Allowance 
7Programmes for Halal products development for MSMEsRM25 million

(Source: Touchpoints Budget 2022 Measures)

In preparing for the endemic phase of COVID-19

In the Economic Outlook 2022, Tengku Dato’ Sri Zafrul noted that the 2022 Budget will focus on rebuilding the nation’s resilience, beginning with the nation’s public health system.

The 2022 Budget will focus on rebuilding the nation’s resilience through strengthening the nation’s public health system specifically on managing COVID-19 (Image source: Pixabay)

For this, an allocation of RM32.4 billion to the Ministry of Health will be provided for their operating and development expenditure.

Tengku Dato’ Sri Zafrul added that an additional RM4 billion will be provided specifically to continue the agenda on managing COVID-19, which includes RM2 billion to fund the vaccination programme.

“Another RM2 billion will be provided to enhance the capacity of public health service facilities including the purchase of medicine, consumables, personal protective equipment (PPE) and health kits,”

“In the spirit of Keluarga Malaysia, the Ministry of Health have also outsourced to private hospitals and hospitals under other Ministries in order to optimise the health capacity in the country,” he said.

To continue the fight against COVID-19, the Government intends to procure antiviral drugs that have been found to be effective against various viruses including COVID-19.

In addition, the National COVID-19 Immunisation Programme will be enhanced to provide the third dose of the COVID-19 vaccine as a booster shot to all adults as well as continuing the vaccination of children aged 12 to 17 years old.

Tengku Dato’ Sri Zafrul added that the Government has signed agreements to procure 88 million doses, which is equivalent to 140 per cent of the Malaysia population which is sufficient to provide a third dose to all residents aged 12 years old and above.

As of next year, he added that the Government proposed to provide individual tax relief and tax deduction to employers on costs associated with the adoption of self-funded booster vaccines.

Strengthening education and human capital

Aside from the economy and health system, Tengku Dato’ Sri Zafrul said in the Economic Outlook 2022 that education and strengthen human capital should also be strengthened to rebuild the national resilience.

Lifelong learning through upskilling and retraining initiatives will be intensified to enhance education and strengthen human capital (Image source: Pixabay)

“To enhance education and strengthen human capital, lifelong learning through upskilling and retraining initiatives will be intensified,”

“The intent is particularly vital in equipping the workforce with the right digital and technological skills to remain relevant post-pandemic,” he said.

In addition, efforts will be intensified to foster productivity through teleworking and increase workforce opportunities in securing decent jobs in the digital era.

An allocation of RM1.1 billion is provided for training and upskilling programmes targeting 220,000 participants.

Reskilling/UpskillingAgencyTarget
HRDCorpHRDC36, 000
Regional CorridorsCorridors16, 000
PRUV-ATMPerhebat5, 000
SLDN PlusJPK10, 000
KPT-CAPKPT20, 000
KPT-PACEKPT45, 000
TVET TrainingJPPKK25, 000
MITI ReskillingMITI24, 000
MDECMDEC12, 000
Upskilling for Deeptech and Future SkillsMOSTI5, 000
Peneraju Skil and Peneraju TeknologiJPM3, 000
Partnerships with State GovernmentsFMSDC5, 000
PERKASA TVETPTPK13, 000
Creative Graduate Incubator ProgrammeMyCreative Ventures1, 000
TOTAL220, 000

(Source: Touchpoints Budget 2022 Measures)

Click to rate this post!
[Total: 0 Average: 0]
- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article