11MP makes the right emphasis on human capital: Maybank
Published on: Friday, May 22, 2015
Kuala Lumpur: The 11th Malaysia Plan (11MP) has placed the right emphasis on the need to invest in the education of the younger generation, as well as, training and upskilling of local workforce. Malayan Banking Bhd Group President and Chief Executive Officer Datuk Abdul Farid Alias said productivity was critical to drive economic growth, support increases in household and corporate incomes, as well as, building regional and global competitiveness. "The key success factor and also the risk factor is mindset (including perception) of all major stakeholders of the Malaysian economy such as workers, employers, policymakers, entrepreneurs and investors," he said in a statement Thursday.
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Some 1.5 million jobs are projected to be created under the 11MP, 60 per cent of which will require technical and vocational education and training-related (TVET) skills. The five year (2016-2020) plan, tabled by Prime Minister Datuk Seri Najib Razak in the Dewan Rakyat today, had said TVET would be the most important avenue for increasing Malaysia's skilled human capital base as the country aspired to attain the status of an advanced nation by 2020. Meanwhile, Abdul Farid, who is also Chairman of the Association of Banks Malaysia, said the 11MP represented the "last miles" towards Vision 2020. He said it was no surprise that the key macroeconomic targets to become a high-income economy, such as the per capita income level of around US$15,000 by 2020, is reiterated.
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