New economic model to be tabled next month

IPOH: The National Economic Advisory Council (MPEN) is scrutinising the outline of the New Economic Model (NEM) which is set to become a platform to restore and drive the national economy in the future, said Finance Minister II Datuk Seri Ahmad Husni Hanadzlah.

He said the model, to be tabled at a Cabinet meeting next month for approval, would be the government's base in forming the Tenth Malaysia Plan (10MP).

"The 10MP will be tabled mid-year," he told reporters after a meet-and-greet session at the Taman Meru Community Hall here today.

He said, with the implementation of the NEM, the country's current labour-based manufacturing sector would move towards using high-TECHNOLOGY [].

"Then, we will focus on the service sector and other niche markets to enable these fields to push our country's economy," said Ahmad Husni, who is also Tambun member of parliament.

Last May, Prime Minister Datuk Seri Najib Razak said that the government would work on a new economic model for the country, which among others, would outline how Malaysia could move its economic status from a medium-high income economy to a high-income economy.

Meanwhile, Ahmad Husni said the country needed a 7% economic growth each year to achieve developed nation or high-income economy status by 2020.

"Our economy is expected to grow this year, 3% according to our studies but our target is 5%. Next year, we will aim for 7%," he said. — Bernama