RMK13 to be a concise document with radical reforms, says Rafizi
The 13th Malaysia Plan (RMK13), under the Madani government, is designed to be a comprehensive reform tailored to the needs of the people, avoiding the pitfalls of becoming merely a “voluminous” document, according to Economy Minister Rafizi Ramli.
In his keynote address at the Kick Off Conference for RMK13 on Thursday (Sept 5), Rafizi outlined that the plan's primary goal is to transform Malaysia into a “consumption powerhouse” by 2040. He noted that by then, Malaysia is expected to be at the center of one of the largest global consumption markets in Asia.
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In his keynote address at the Kick Off Conference for RMK13 on Thursday (Sept 5), Rafizi outlined that the plan's primary goal is to transform Malaysia into a “consumption powerhouse” by 2040. He noted that by then, Malaysia is expected to be at the center of one of the largest global consumption markets in Asia.
Read more at https://shorturl.at/mcinG
WATCH MORE: https://thestartv.com/c/news
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NewsTranscript
00:00With RMK13, we are not looking at just the next five years, but envisioning what Malaysia
00:15will look like in 2040.
00:19Taking this high vantage approach forces us to think beyond individual policies to determine
00:26what will drive the next generation of Malaysia's economy.
00:32Ladies and gentlemen, economic prospects are intrinsically defined by demographics and
00:40geography.
00:41Southeast Asia is projected to grow at a KG of 4% until 2040.
00:50That will enable Southeast Asia to become the fourth largest economy in the world by
00:57then.
00:59Malaysia is sitting at the centre of global growth.
01:03It falls on us then, within that time span, we are projected to be a country of 40 million
01:11people and therefore it is upon us to contend with the giant markets of India and China.
01:20This is why the third pivot of diversification is critical.
01:26I would argue that Malaysia must become a consumption powerhouse.
01:33An economy that is primarily driven by our people will be the most important determinant
01:40of our long-term trajectory and growth rate.
01:45By boosting domestic demand, we kick-start a virtuous economic cycle.
01:51Higher private consumption creates more jobs across all sectors in retail, services and
01:59manufacturing.
02:00This translates to lower unemployment and higher disposable income.
02:06This increase in savings helps to localise investments into better public infrastructure
02:13such as healthcare and education.
02:16A healthier and better educated people creates a more productive society.
02:23One that reinvests in lifelong talent development and stems brain drain.
02:29It creates the capacity to design and innovate, shaping an economy that is more resilient
02:36to fluctuations in global markets, trade disputes and geopolitics.
02:42However, placing this enhanced focus on consumption will not come at the expense of our export-oriented
02:51economy.
02:52It is about recognising the current imbalance between the two drivers and creating urgency
02:59to close the gap.
03:00Marrying a traditionally trading-based economy with greater consumption diversifies our growth
03:08and mitigates risks.
03:11To materialise this pivot, we have to take a different approach to our five-year plans.
03:18Over time, successive policy documents have grown in length.
03:25When I first came to the office, I had to spend one week going through voluminous plans.
03:32Sectoral plans, five-year plans, digital plans and everything.
03:38And I think we all understand that our policy documents in the past have become increasingly
03:45lengthy and have grown in complexity, and making it difficult for ordinary people to
03:54reach.
03:56And that is a challenge for any government, because if we were to make a pivot, we need
04:03everyone to be on board, and we need to shape the public discourse to focus on what is most
04:11productive in our society.
04:13And while we have to carry on with the nitty-gritty of economic and social planning, we also hope
04:24that we take a slightly different approach for RMK 13.
04:29So this is our vision.
04:32RMK 13 will be more similar to RMK 1.
04:39A strategic document that is equally concise and comprehensive.
04:45Each word must be committed towards a specific policy direction.
04:51Government does have a very important role in shaping the trajectory of our economy.
04:58Apart from our public finances, it is extremely important to provide the vision, and hopefully
05:07the vision will align everyone's vision, so that we can move in tandem towards our shared
05:16vision five years down the road and 15 years down the road.
05:20But having said that, it does not depend entirely on the government.
05:27It requires a whole of nation, and we need everyone to feel that they have a stake, and
05:36they have to invest in our country's future.
05:40So ladies and gentlemen, this is a kick-off conference.
05:46What is important is not my speech.
05:49What is important is what do we make out of these two days of the kick-off conference,
05:55and the subsequent process that will happen at different layers of society in the next
06:01six months, and the final product, which will be tabled in Parliament in July 2025.
06:10But this is an extremely important window, and I hope that I've given you a blank canvas
06:18to begin with.
06:20And I'm very much excited to see how that blank canvas eventually will fall and will
06:31come together as perhaps the most important document in the next five to six years for
06:36this country.