Malaysia unveils development plan

Malaysia will launch a program in October to transform its ethnic Malay heartland into an economic powerhouse with an investment of RM112 billion (US$33.2 billion) by 2020. Agriculture and tourism are key focus areas in the plan, which has earmarked 40% of the funds to strengthen transport links and infrastructure in some of Malaysia’s poorest states. “The thrust of the East Coast Economic Region will be agriculture and tourism,” said Hassan Marican, chief executive of Petroliam Nasional Bhd (Petronas), which is charged with chalking out the plan to rejuvenate a region that is home to 4 million people. Malaysia will woo foreign investors to participate in the plan, which expects to raise a fifth of the needed US$32 billion from the private sector, another 27 from public-private initiatives, and the rest from government. (September 18, 2007)