The ministry is preparing a framework to chart Malaysia’s development post-2020

By LYDIA NATHAN / Pic By ISMAIL CHE RUS

The Ministry of Economic Affairs (MEA) has been entrusted to lead 32 agencies, and develop frameworks to ensure Malaysia’s ability to mitigate future socio-economic challenges.

MEA said among others, it is currently preparing a framework to chart Malaysia’s development post-2020.

“MEA will spearhead several socioeconomic studies on future challenges, including a study on the Fourth Industrial Revolution (Industry 4.0) in order to prepare the country to face future technological impacts that are expected to transform lifestyles,” the ministry, headed by Datuk Seri Mohamed Azmin Ali, noted in a statement yesterday.

The ministry is also in the middle of reviewing existing planning processes and mechanisms aimed at improving the development planning of the country.

“The participation of various groups and the people’s aspirations will be considered in charting the development of the nation in order to ensure that economic growth continues to be meaningful, inclusive and holistic, as well as to enable Malaysia to shine once again on the global stage,” it added.

MEA’s primary function will remain, which was transferred from the Economic Planning Unit and includes coordinating the preparation of national socio-economic development plans, undertaking socio-economic research, and setting and allocating the ceiling for development expenditure.

Among federal agencies placed under MEA are Amanah Raya Bhd, Ekuiti Nasional Bhd, Federal Land Development Authority (Felda), Rubber Industry Smallholders Development Authority, Unit Peneraju Agenda Bumiputera.

Besides that, specialised agencies are also placed under the MEA namely Bank Pembangunan Malaysia Bhd (BPMB), Federal Land Consolidation and Rehabilitation Authority Bhd, Johor Petroleum Development Corp, JKP Sdn Bhd, Halal Industry Development Corp, Yayasan Ekuiti Nasional, Malaysia Petroleum Resources Corp Bhd and HSR Corp.

“In addition, efforts have begun to assess the position of BPMB and address the challenges within the institution.”

MEA will also supervise three Bumiputera-related foundations and 13 state economic development corporations.

The Statistics Department also is placed under the MEA to further enhance policy formulation, the ministry added.

MEA stated that one of its priorities this year will be the completion of the white paper on Felda and a comprehensive turnaround plan.

The white paper was meant to be tabled in Parliament on Dec 10 but has been delayed due to advice from the Attorney General’s Chambers.

MEA added that it will also keep its commitment to the Felda settlers with the continuation of the living allowance assitance.

Together with the Ministry of Finance, MEA is also involved in the recovery plan of Lembaga Tabung Haji to rebuild this iconic institution.