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The Star
2 minutes ago
- Business
- The Star
Financial sector must play key role in enabling SMEs in strategic growth sectors, says BNM Governor
Bank Negara governor Datuk Seri Abdul Rasheed Ghaffour. KUALA LUMPUR: As Malaysia charts its path forward under the 13th Malaysia Plan (13MP), the financial sector must play a transformative role in enabling small and medium enterprises (SMEs) to participate meaningfully in strategic growth sectors, said Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour. He said this includes frontier industries such as semiconductors, aerospace, renewable energy, data centres and carbon capture technologies. The governor said such alignment is crucial as the country advances its national transformation agenda through key policy frameworks, including the New Industrial Master Plan and the National Energy Transition Roadmap. "The financial sector, including Credit Guarantee Corporation Malaysia Bhd (CGC), must evolve in tandem to support these reforms. "In this context, I would like to reflect on three areas where CGC, together with the broader financial sector, including Malaysia, can be part of this developmental roadmap,' Abdul Rasheed said during his keynote address at the CGC 30th Edition Award 2024 here today. He noted that CGC and financial institutions must step up efforts to unlock opportunities for SMEs in high-potential, capital-intensive industries. "These industries are capital-intensive and technology-driven, and often pose significant barriers to entry for smaller businesses. "A variety of mechanisms can play a catalytic role in mobilising private capital, managing risks arising from innovation and creating entry points for SMEs into these frontier sectors,' he said. The governor said a well-designed directive programme, paired with technical expertise, can help close information gaps -- enabling SMEs to transform and providing greater confidence for financial institutions to support them. He said the second key focus area is advancing data-driven SME development, highlighting CGC's internal transformation towards analytical and data-centric decision-making. "To this end, first, we must broaden financing access, not only for first-time growers, but also for growing firms with scalable potential. "Second, we must invest in sustainable financing channels, including green and Islamic finance solutions, and we must deepen ecosystem partnerships that blend traditional finance with fintech, data and socio-economic tools,' he added. - Bernama
The Star
2 hours ago
- Business
- The Star
Perikatan: Where is the focus on less developed states?
PETALING JAYA: Perikatan Nasional has criticised the 13th Malaysia Plan (13MP) for lacking the structural strength and fiscal commitment needed to bridge regional and socio-economic gaps, particularly in the six less-developed states. Perikatan's economic portfolio head Mohd Syahir Che Sulaiman said the government had failed to outline specific development expenditure targets for Sabah, Sarawak, Kelantan, Terengganu, Kedah and Perlis. 'From a regional development perspective, the 13MP shows a general commitment to balanced development between states. 'However, unlike the 12MP, which clearly committed 50% of development expenditure to the six less-developed states, the 13MP does not specify any fiscal distribution formula or quantitative targets for these states,' said the Bachok MP following the tabling of the 13MP yesterday. 'It is concerning that the 13MP appears to make no mention of federal-state fiscal reforms, revenue sharing (including tax and mineral revenues such as petroleum), or efforts to develop a more mature and equitable federalism.' Mohd Syahir also questioned the plan's inclusivity, saying its lack of emphasis on economic ownership among the rakyat, particularly the bumiputra community, rural groups and informal workers, risks making it a growth model exclusive to capital owners. 'This contrasts with the Shared Prosperity Vision 2030, which was grounded in the principle of 'leaving no one behind' and explicitly championed bumiputra economic empowerment and more equitable wealth distribution,' he said. While the 13MP acknowledges challenges such as income inequality, low wages and dependence on foreign direct investment, Mohd Syahir said it falls short on bold reforms, including strategies to address the ageing population and long-term productivity issues. 'What are the 13MP's long-term strategies to boost productivity, provide support networks for the elderly, and formulate progressive and sustainable labour policies?' he said. Mohd Syahir said Perikatan MPs would play their role as a responsible Opposition by scrutinising each pillar of the plan, demanding transparency in fiscal allocations, and championing the rights of states that have long been sidelined in the national development process. Meanwhile, former economy minister Datuk Seri Rafizi Ramli claimed that nearly 95% of the 13MP was developed during his time in office. He expressed satisfaction that key reforms proposed under his leadership were preserved in the final document, including major shifts in the education system, economic structure and a focus on new areas such as the ageing nation agenda and the development of the third sector. Rafizi, who resigned from the Cabinet on May 28, also noted that major economic initiatives introduced or proposed during his tenure, such as the National Energy Transition Roadmap, KL20, Johor-Singapore Special Economic Zone, 'Made by Malaysia' branding, the shift towards a 'consumption powerhouse' economy, carbon capture and storage, and the proposed Special Tourism Investment Zone, had all been retained. Even proposals that faced resistance, such as the anti-red tape act and a law to ban the 'Ali Baba' business practice, are now part of the 13MP, he added. He extended his appreciation to the officers of the Economy Ministry, praising their dedication over 20 months despite mounting pressure amid speculation of a Cabinet reshuffle. 'Thankfully, that turned out to be just political noise. This means the ministry's leadership succeeded in ensuring that long-term national planning was not disrupted by political turbulence,' said Rafizi.
Malaysian Reserve
16 hours ago
- Business
- Malaysian Reserve
Rafizi welcomes continuity in economic reforms under MP13
by HIDAYATH HISHAM FORMER Economy Minister Datuk Seri Rafizi Ramli (picture) said the 13th Malaysia Plan (MP13) closely reflects the policy groundwork laid during his tenure, with most of the key initiatives retained despite his Cabinet exit. The Pandan MP, who was present for the tabling by Prime Minister Datuk Seri Anwar Ibrahim in Parliament, said nearly all major reforms have been sustained in the document. 'In addition, the economic restructuring previously initiated — from National Energy Transition Roadmap (NETR); KL20; the Johor-Singapore Special Economic Zone (JSSEZ); 'Made by Malaysia', the pivot to a 'consumption powerhouse' economy; carbon capture, utilisation and storage (CCUS); and even those developed but not yet announced such as the Special Tourism Investment Zone (STIZ) — are all there,' he said in a statement. Rafizi pointed to broader continuity in structural reforms — covering education, economic transformation and ageing policy — alongside proposed legislation like the anti-red tape act (Iltizam) and the anti-Ali Baba bill, both of which previously encountered political resistance. He said he would review the full MP13 document before offering a detailed response, and is expected to debate the plan in the Dewan Rakyat early next week. A more in-depth analysis is also scheduled via his YBM podcast alongside economist Dr Muhammad Abdul Khalid on Aug 8. Rafizi expressed appreciation for the Economy Ministry officials who worked under time pressure to finalise the plan, saying they had to navigate the uncertainty of political rumours that could have derailed progress. 'Praise be to God, the rumours turned out to be mere political reactions, which means the leadership at the Economy Ministry successfully defended the integrity of long-term national planning from being muddled by political noise,' he said. He added that moving forward, the focus must be on implementing the plan effectively — regardless of political changes — to ensure real impact for the people.
Barnama
19 hours ago
- Business
- Barnama
Govt Strengthens National Policies Via MADANI Economy Framework -- PM Anwar
BUSINESS By Engku Shariful Azni Engku Ab Latif KUALA LUMPUR, July 31 (Bernama) -- The MADANI government has boldly and decisively shaped the direction of national policies through the formulation of a comprehensive framework known as the MADANI Economy that is based on sustainability, the people's well-being, and governance with integrity. Prime Minister Datuk Seri Anwar Ibrahim said that under this framework, the government has initiated structural economic reforms, including the New Industrial Master Plan (NIMP 2030), National Energy Transition Roadmap (NETR), National Semiconductor Strategy (NSS), and National TVET Policy 2030. In addition, the private sector has forged ahead along with the government -- for example, the GEAR-uP programme, led by government-linked investment companies, has boosted domestic direct investments. 'The KL20 Action Plan was also introduced with the aspiration of making Kuala Lumpur one of the top 20 global startup ecosystems. Since its launch in April 2024, the capital's position in the 2025 Global Startup Ecosystem Report has risen to 68th place, with 4,464 registered startups. 'We are now on the right track to reach the target of 5,000 startups by the end of this year. At the same time, venture capital firms with average assets under management (AUM) reaching US$400 million have also shown interest in operating in Malaysia,' he said when tabling the 13MP in Parliament today. Anwar said that to further stimulate domestic economic activity, investments through strategic collaborations with the industry continue to be strengthened. This includes initiatives like the Johor–Singapore Special Economic Zone (JS-SEZ) and the Kulim Hi-Tech Park (KHTP), which have successfully attracted both foreign and domestic investments in high-tech sectors. He also noted that development efforts have been expanded to include the Kerian Integrated Green Industrial Park (KIGIP) and the Automotive High Tech Valley (AHTV) in Tanjung Malim, Perak, as well as strategic industrial parks in Sabah and Sarawak.
New Straits Times
19 hours ago
- Business
- New Straits Times
Rafizi lauds Economy Ministry for retaining reforms in 13MP
KUALA LUMPUR: Former Economy Minister Rafizi Ramli has expressed his appreciation to the staff of the Economy Ministry for ensuring that the key reforms initiated during his tenure were retained in the 13th Malaysia Plan (13MP), which was tabled in the Dewan Rakyat today. In a statement today, Rafizi said that although he has not gone through the document in full, an initial reading of the executive summary shows that around 95 per cent of the reforms developed during his time in office have been preserved in the plan. "All the major reforms, spanning education system restructuring, economic structure reform, and focus on new agendas such as ageing populations and the development of the third sector, have been retained," he said. Rafizi also noted that many key economic initiatives launched during his tenure, including the National Energy Transition Roadmap (NETR), KL20, Johor-Singapore Special Economic Zone (JSSEZ), "Made by Malaysia" branding, and the shift towards a "consumption powerhouse" economic model, remain part of the plan. He added that new policies yet to be announced, such as the Special Tourism Investment Zones (STIZ) and efforts to advance carbon capture, utilisation and storage (CCUS), were also included. Rafizi highlighted that controversial measures like the proposed Government Efficiency Commitment Act and legislation to ban the 'Ali Baba' business practice had also been retained, despite earlier resistance. "God willing, I will comment on each aspect in the coming week, but let me first go through the document thoroughly," he said. Rafizi is expected to debate the plan in Parliament next Monday or Tuesday. He also plans to discuss it in detail on his "YBM" podcast on Aug 8, joined by economist Dr Muhammad Khalid. Throughout August, Rafizi intends to analyse the key sectors and chapters of the 13MP to help the public understand the policy directions outlined. "With this, one major responsibility that my colleagues and I at the Economy Ministry have carried since November 2022 is complete — drafting a long-term plan for a better future for all Malaysians," he said. He thanked the entire team at the ministry for their dedication over the past 20 months. "They worked under tremendous pressure, especially amid last-minute speculation of a Cabinet reshuffle. Thankfully, that proved to be just political noise. It means the ministry's leadership succeeded in defending the importance of keeping long-term national planning separate from day-to-day political turbulence." Rafizi concluded by stressing that while the planning phase is complete, the next big challenge is ensuring that the initiatives are implemented effectively, regardless of which party is in power. "My prayer is that the rakyat will be the ones who benefit most in the years to come."
