Malaysia tables 2016 budget

Malaysia sets out its plans for nine projects and initiatives to contribute 26.7% to the country’s GPD next year with the tabling of its 2016 budget.

The government of Malaysia has announced that 2016 will see the implementation of nine projects that it hopes will contribute 26.7% to the country’s gross domestic product, according to the Malay Mail Online.

The announcement was made by Datuk Seri Najib Tun Razak, prime minister, at the Dewan Rakyat (House of Representatives) when he tabled the budget for 2016.

The projects and initiatives to be implemented include the government making an initial investment of 5bn ringgit ($1.16bn) in the 108,000 hectare Malaysian Vision Valley development project and the development of an airport township that is expected to attract 7bn ringgit in investments.

Other projects of note include the government allocating 730m ringgit to funds managed by the Malaysia Investment Development Authority to back developments in the chemical, electrical, machinery, aerospace and medical device industries.

Meanwhile, the strategic investment fund of the Malaysian government, the Khazanah Nasional, will make investments of 6.7bn ringgit in nine domestic projects in 2016. It will also allocate 500m ringgit to venture capital and private equity funds.

See more from this Government Report: Malaysia

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