RM1.43b investments to create 10,000 jobs

More than half of the new investments come from two companies, namely Kuala Lumpur Kepong and Vasseti Datatech

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Kuala Lumpur: The government yesterday announced fresh investments of RM1.43 billion from eight new projects as part of the Economic Transformation Programme (ETP). The new projects, ranging from manufacturing to broadcasting and aerospace engineering training, are expected to create almost 10,000 new jobs. The ETP is part of Malaysia's plan to boost investment from the private sector and also transform the country into a high-income economy by 2020. More than half of the new investments announced by Prime Minister Datuk Seri Najib Razak yesterday came from two companies, namely plantation group Kuala Lumpur Kepong Bhd (KLK) and Vasseti Datatech Bhd. KLK is investing RM706 million in an integrated methyl ester sulphonate and fatty alcohol plant and a world-class research and development centre, among others. Najib also announced that Vasseti will supply all government health facilities with television sets to broadcast the Health Ministry's official MedikTV channel as part of efforts to educate the people on healthcare. "This project will involve an investment by Vasseti Datatech of RM400 million by 2020, and this will be recouped by the company through advertising revenue and will create about 650 jobs," he said. Last year, Tan Sri Syed Yusof Syed Nasir emerged as a 30 per cent shareholder of Vasetti, a telecommunications and information technology group. Its other shareholders are Ranjeet Singh Sidhu and Datuk M. Harisharan Pal Singh, according to other media reports. On a collective basis, the ETP has recorded RM171.21 billion in investment, RM228.55 billion in gross national income and 372,361 new jobs. Najib also announced three schemes under the Strategic Reform Initiatives (SRIs) that will help improve people's skills and address the development of Bumiputera companies. SRIs are the second critical component of the ETP and it deals with improving Malaysia's competitiveness. The first is MSC Malaysia's MyProCert, a programme to further train Malaysians towards international certification standards. The first course to be launched in September is the MyProCert (SAP) certification. The second is the National Talent Enhancement Programme (NTEP), a 12-month training programme to help develop industry-relevant skills via partnerships with electrical and electronic companies. Engineering graduates with between one or two years work experience and those who wish to upskill or re-skill to enter the electrical and electronics (EandE) sector and green technology field are welcome to join the NTEP. The third scheme is the High Performing Bumiputera SME (HPBS) Programme known as TERAS. It aims to help Bumi small and medium enterprises compete in the open market without relying too much on government contracts.