The Malaysia Initiatives to Increase The Economic and Income per capita

The Malaysia government has an initiatives that has been in place to increase the economic and income per capita. First, the Malaysia government initiatives is Malaysia's transformation. In 2010, the Malaysian Government launch the New Economic Model that needed to transform Malaysia into a high-income nation by 2020. As a result in 2010, the National Transformation Programme was launch to implement the New Economic Model. The National Transformation Programme comprises two components: the Economic Transformation Programme and the Government Transformation Programme. Even these two programmes are different but they work in tandem towards reaching the country’s aspirations for 2020. The initiatives under the Economic Transformation Programme are to drive the country towards high-income status by 2020. Meanwhile, the Government Transformation Programme focuses on transforming the Government to improve its delivery system and put the public’s needs first. Malaysia’s transformation also has received international endorsement, reflected in the country’s improvement in key global rankings. The global rankings serve as testimony to Malaysia’s continued strides toward achieving a high-income economy.

Next, the Malaysian government has released its eleventh economic development plan for the years 2016 to 2020. The plan sets targets and defines some economic policies that will be implemented in the coming years, with the ultimate goal to make Malaysia a high income economy by 2020. The eleventh economic plan for Malaysia identifies six “Strategic Thrusts” which the economic policies will focus to ensure Malaysia reaches its goal of becoming a high-income country by 2020. The key target for the whole plan is for Malaysia to reach the advanced economy status. The six Strategic Thrusts are enhancing to inclusiveness towards an equitable society, improving wellbeing for all, accelerating human capital development for an advanced nation, pursuing green growth for sustainability and resilience, strengthening infrastructure to support economic expansion and re-engineering economic growth for greater prosperity. The Malaysian government also identified six “Game Changers”, an innovative approaches that will change the country's economic growth and enable to reach its economic goals. The six Game Changers are unlocking the potential of productivity, uplifting the B40 households (bottom 40% household income group) towards a middle-class society, enabling industry-led Technical and Vocational Education and Training, embarking on green growth, translating innovation to wealth and investing in competitive cities.

Beside that, there are intensive government efforts to promote shopping in Malaysia. The Malaysian shopping sector has progressed from local to global since more than three decades ago. It has contributing the second biggest share of tourist expenditure after the accommodation sector in recent years. One of the early initiatives was to increase the annual nation-wide Mega Sales Carnival from once a year previously to thrice yearly to spur shopping in Malaysia. Another strategy is having more tactical campaigns instead of generic ones. Tactical campaigns to reach specific target markets, namely Indonesia, Vietnam, Brunei, Singapore, Thailand, China, Hong Kong, and Australia and New Zealand have already been initiated. The Tourism Malaysia offices in these countries have been mobilised to develop more specific shopping packages tailor-made for the specific country’s target market in collaboration with both conventional and online travel agencies, as well as airlines. Continuous collaborations with the industry players and the steadfast commitment of the government to bring the performance of Malaysia’s shopping sector to the highest possible level have brought rewards in recent years in the form of coveted international awards and accolades.

Furthermore, the Malaysia strategy helps to improve the economy among ASEAN countries. Malaysia has achieved a good reputation as a global and regional operations hub for manufacturing and services to attract investments that will accelerate the country's transition to high value-added, high-tech, knowledge-intensive and innovation-based. MIDA ecosystem approach in the development of investment played an important role in ensuring this success. After four decades to promote and coordinate industrial development, the Malaysian Industrial Development Authority received a new name and a broader scope of responsibilities in 2011. The economy, the agency was renamed the Malaysian Investment Development Authority and given a key role in leading the investment agenda to spur the national goals of the Economic Transformation Program. Malaysia broke all records of investment and employment in 2012, but the investment project quality and work really stand out. The exceptional accomplishments have been achieved as a result of the Government's new strategy to attract quality investment in targeted sectors. Strategic partnerships with development agencies supporting the national economy has MIDA in raising the profile of Malaysia as an ideal location for high value-added businesses. Indirectly, the establishment of the Malaysian Investment Development Authority has assisted in boosting the economy in the countries of the ASEAN region.