Highlights of NTP Annual Report 2015

Following are the highlights of the National Transformation Programme Annual Report 2015 released by the Performance Management Delivery Unit (Pemandu) Tuesday night:-

* Malaysia can achieve truly developed nation status by 2020 under the National Transformation Programme.

* Enhancing the resilience of Malaysia's financial systems, domestic economy and ensuring continuous sustainability of financial services industry will be the main focus of the Financial Services National Key Economic Areas this year.

* Government has formulated the services sector blueprint to strengthen the services sector which includes action plan items for implementation from 2015 to 2020, in tandem with the 11th Malaysia Plan.

* Malaysia remains in the fiscal 'Safe Zone' since 2013 which indicates the fiscal health of economies, requiring public debt to be below 75 percent of Gross domestic product (GDP) and deficit to be kept at four percent of GDP or below.

* Government to focus on getting the necessary framework in place, this year, for Third Party Access to pave the way for the liberalisation of the gas market in Peninsular Malaysia.

* Government to push for rationalisation and subsequent deregulation of gas price in a move towards a market-based pricing of energy.

* Government to encourage private sector to implement products and service standards in 2016.

* As of 2015, Malaysia concluded and signed a total of seven bilateral free trade agreements, five of which have services chapters.

* Government opted for balanced debt-to-equity model to stimulate economic growth and reduce deficits in 2015

* The Securities Commission is currently developing a comprehensive Blueprint for Malaysia's Islamic Fund and Wealth Management industry, targeted to be ready by end-2016.

* Greater diversification in National Key Economic Areas sectors has also decreased the government's dependence on oil revenue.

* Private sector continued to play its role in driving consumption as private consumption, at 52.4 percent of GDP, was four times more than the public consumption at 13.5 percent last year.

* Private sector contributed 65 percent of the total investments in the country last year.

* The Greater Kuala Lumpur/ Klang Valley National Key Economic Area aspires to be among the top economic and liveable cities in the world by 2020.

* The construction of MRT Line 1 (Sungai Buloh-Kajang to commence by end-2016)) and MRT Line 2 (passing through Serdang and Putrajaya) will significantly improve the mobility in the The Greater Kuala Lumpur/ Klang Valley areas.

* Government to conduct impact study to ascertain the effectiveness of the Small Retailer Transformation Programme and Transforming Automotive Workshop programmes.

* The electric and electronic industry will continue to be the key driver of Malaysia's industrial development with 93 projects and investments worth RM8.9 billion approved last year.

* The Business Services NKEA, a critical component of the country's transformation journey, generated 9.7 per cent higher Gross National Income of RM46.2 billion last year.