Intan Minister Forum 15 April 2014

8/16/2019 Intan Minister Forum 15 April 2014

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YB Senator Dato’ Sri Abdul Wahid Omar

Minister in the Prime Minister’s Department

Tuesday, 15 April 2014

“REVISITING THE NEW ECONOMIC MODEL”

“Towards Achieving a Developed Nation Status”


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Rakyat Quality

of Life

HIGH INCOME

INCLUSIVE SUSTAINABLE

Targets US$15,000 – 20,000

per capita by 2020

Meets present

needs without

compromising

future

generations

Enables all

communities

to benefit

from the

wealth of the

country

Achieving High Income Status, Generating benefits for all Malaysians,

and Economically and environmentally enduring solution

The main goals of the NEM are that Malaysia will become a high income

advanced nation with inclusiveness and sustainability by 2020

2


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HIGH INCOME – Gross National Income (GNI) per capita progressing

towards US$15,000 target

R M

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(f)

Per capita GNI (RM)

In 2013, GNI per capita increased by 3.4% from RM30,666 to RM31,698

For 2014, GNI per capita is expected to increase to RM34,126

3.4%31,698

34,126

3


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HIGH INCOME – Economic Transformation Programme on-track to

achieve USD444 billion investments and create 3.3 million jobs by 2020

0

100

200

300

400

500

EPP INVESTMENTS NEW JOBS

Progress as at 31 December 2013 (since 2010)

196 Projects

RM219 billion

in Committed Investments

437,816 in New Jobs

created

Since the launch of the ETP in 2010, 196 EPPs established under the NKEAs with

total committed investment of RM219 billion. This is projected to contribute

RM144 billion to GNI and create 437,816 new jobs.

No of Projects (RM billion) (‘000)

4


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5

INCLUSIVENESS – No groups will be marginalised and the essential needs

of the rakyat will be satisfied

0.443 0.461 0.46 0.441 0.4410.431

0.418

0.4050.395

0.388

0.423

0.4170.416

0.439 0.442

0.427

0.407

0.382

0.34

0.36

0.38

0.4

0.42

0.44

0.46

0.48

0.34

0.36

0.38

0.4

0.42

0.44

0.46

0.48

1999 2002 2004 2007 2009 2012

#REF! #REF! #REF!

Urban RuralMalaysia

Poverty declined significantly since 1970s, both in urban and rural areas

GINI Coefficient

1970: 49.3%

2012: 1.7%

1970: 21.3%

2012: 1.0%

Urban

1970: 58.7%

2012: 3.4%

RuralMALAYSIA

Poverty Incidence improved albeit marginally


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INCLUSIVE – Increasing Employee share of GDP in 2009 to

2012

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

2005 2006 2007 2008 2009 2010 2011 2012

Employer

Employee

Government

64.0%

64.4%

64.3%

65.4%62.9%

63.0%

62.9%61.7%

29.5%29.8% 30.3%

29.3% 31.6%31.5%

31.8%32.9%

Employees’ share of GDP has improved from 29.3% in 2008 to 32.9% in 2012.

Although this is low compared to advanced economies (40-50%), the trend is

encouraging. It is therefore important for the Government to stay the course.

Income Components of GDP at Current Prices - RM million

2005 2006 2007 2008 2009 2010 2011 2012

Growth

2012/2008 CAGR (%)

Compensation of Employees 160,594 177,926 201,775 225,401 225,556 251,319 281,401 309,418 37.3% 8.2%

Gross Operating Surplus 348,133 384,528 428,056 503,207 448,049 502,422 556,389 581,106 15.5% 3.7%

Taxes less subsidies on productionand imports

34,850 34,329 35,509 41,341 39,252 43,586 46,665 50,714 22.7% 5.2%

GDP 543,577 596,783 665,340 769,949 712,857 797,327 884,455 941,238 22.2% 5.2%

6.4% 5.8% 5.3%

5.4% 5.5% 5.5% 5.3%5.4%

32.9%

6


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Source: 1 Department of Statistics Malaysia2 Office of the National Economic and Social Development Board of Thailand

3Department of Statistics Singapore4OECD

INCLUSIVENESS –Malaysia’s ratio of compensation of employees (COE) to

GDP on increasing trend since 2008

29.3%

32.9%30.8%

41.4%45.8%

48.7%51.9% 53.1% 53.8%

0%

10%

20%

30%

40%

50%

60%

Malaysia Thailand Singapore Korea Australia Japan UnitedStates

UnitedKingdom

2008 2012

21 4

40%

(target)

3 4 4 44

Note: This information has not been officially published and is for internal use only

7


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SUSTAINABILITY – In terms of Economic and Environmental terms,

Fiscal discipline to safeguard financial balance and stability

Prudent financial management resulting in narrowing of Budget

Deficit to GDP from 4.5% in 2012 to 3.5% in 2014, Balanced Budget

by 2020Continued maintenance of Operational Surplus

Petronas’ Petroleum Reserves comprise 5.79 bboe of Crude &

Condensates (28 years) and 16.8 bboe of Natural Gas (42 years)

For FY2013, Overall Resource Replenishment Ratio (ORRR) is 1.94x.

Malaysia’s Crude Oil & Condensates’ Production at 576,000 boe per day and

Natural gas at 6,730 mmscfd

8


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SUSTAINABILITY – Continued reduction in Budget

Deficit, Balanced Budget by 2020

The Government has been delivering the targets to reduce budget

deficit since 2010

Committed to medium term targets i.e.

reduce further budget deficit to 3% of GDP in 2015,

achieve balanced budget by 2020

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

0.0

50.0

100.0

150.0

200.0

250.0

1 9 7 0

1 9 7 1

1 9 7 2

1 9 7 3

1 9 7 4

1 9 7 5

1 9 7 6

1 9 7 7

1 9 7 8

1 9 7 9

1 9 8 0

1 9 8 1

1 9 8 2

1 9 8 3

1 9 8 4

1 9 8 5

1 9 8 6

1 9 8 7

1 9 8 8

1 9 8 9

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

2 0 1 3 (

e )

GOVERNMENT REVENUES

GOVERNMENT EXPENDITURE

BUDGET SURPLUS/(DEFICIT OVER GDP

9


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ECONOMY – Sustainable real GDP growth momentum

Q4 2013 real GDP growth of 5.1% after 4.1% (Q1), 4.4% (Q2) and 5.0% (Q3)

For 2013, real GDP growth is 4.7%

Inflation remained moderate at 2.1% for 2013

4.5%-5.5%

-3.0

-1.0

1.0

3.0

5.0

7.0

9.0

2006 2007 2008 2009 2010 2011 2012 2013 2014(f)

4.7%

10


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ECONOMY – Moderate levels of Inflation

9.8

5.7

3.73.6

0.5 0.5 0.8

2.62.9

3.1

4.2

4.8

3.6

3.9

3.5

3.5

2.5

5.2

2.8

1.5 1.4

1.8

1.2

1.4

3.0

3.6

2.0

5.4

0.6

1.7

3.2

1.6

2.1

0

2

4

6

8

10

12

1 9 8 1

1 9 8 2

1 9 8 3

1 9 8 4

1 9 8 5

1 9 8 6

1 9 8 7

1 9 8 8

1 9 8 9

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

2 0 1 3

(%)

Inflation Rate 1981-2013

Between 1981 to 2013, Malaysia’s Average Inflation Rate is below 3%

CPI for February 2014 increased by 3.5 per cent to 109.7 compared with

that of 106.0 in February 2013 11


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ECONOMY – Strong Growth in Foreign Direct Investments

23,924

5,121

29,183

37,325

31,116

38,774

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2008 2009 2010 2011 2012 2013

Foreign Direct Investment (2008-2013)

In 2013, FDI improved to RM38.8 Billion, Increasing by 24.6%

from 2012

Investments were channelled Into Manufacturing, Real Estate

and Mining

R M

m i l l i o n

24.6%

12


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R M b

i l l i o n

ECONOMY – Continued Surplus in Current Account

Current account surpluses since 1998

Current Account surpluses strengthened in Q3 and Q4 2013

-40

-20

0

20

40

60

80

100

120

140

1 9 7 1

1 9 7 3

1 9 7 5

1 9 7 7

1 9 7 9

1 9 8 1

1 9 8 3

1 9 8 5

1 9 8 7

1 9 8 9

1 9 9 1

1 9 9 3

1 9 9 5

1 9 9 7

1 9 9 9

2 0 0 1

2 0 0 3

2 0 0 5

2 0 0 7

2 0 0 9

2 0 1 1

(

)

Narrowing was due to soft external demand and commodity prices

amid robust domestic demand especially investments

RM16.2b

RM27.4b

0

5

10

15

20

25

30

35

40

45

1 Q 2

0 1 0

2 Q 2

0 1 0

3 Q 2

0 1 0

4 Q 2

0 1 0

1 Q 2

0 1 1

2 Q 2

0 1 1

3 Q 2

0 1 1

4 Q 2

0 1 1

1 Q 2

0 1 2

2 Q 2

0 1 2

3 Q 2

0 1 2

4 Q 2

0 1 2

1 Q 2

0 1 3

2 Q 2

0 1 3

3 Q 2

0 1 3

4 Q 2

0 1 3

Current Account Balance (MYRb) Trade Balance (MYRb)

Q4 2013 performance due to improved export performance in

electrical & electronics, CPO and LNG 14


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ECONOMY – Favourable structure of Government Debt

512,307

130,790

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0

100,000

200,000

300,000

400,000

500,000

600,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

529,236

16,929

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

100,000

200,000

300,000

400,000

500,000

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

25.5%

3.2%

Foreign Holdings of

Federal Government Debt

(RM)

Foreign Denomination of

Federal Government Debt

(TOTAL)

R M m

i l l i o n

R M m

i l l i o n

Total Government RM Debt

Total Foreign Holding

Percentage Foreign Holding

Total Government Debt

Total Foreign Currency

Denominated

Percentage Foreign Currency

Foreign holdings of Government Debt declined from 28.3% in 1Q2013 to

25.5% in 3Q2013, cushioned depth of local institutions

Foreign currency denominated liabilities only 3.2% of total Government Debt,

reducing, shielding from foreign currency risk15


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16

ECONOMY – Increasing Government Revenues, Non-Oil Revenue

Sources concurrently increase

185,419

207,913213,370

0

50,000

100,000

150,000

200,000

250,000

2007 2008 2009 2010 2011 2012 2013

The government’s revenues for 2012 were RM207.9 billion, an increase of

12.1% compared to 2011 revenues of RM185.4 billion. In 2013, revenues

increased further to RM213.4 billion.

The contribution of oil revenues to the government has reduced from 35.8%

in 2011 to 33.7% in 2012, and to 31.2% in 2013


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17

ECONOMY – Diversifying Government Revenues, Reducing

dependence on Oil Revenues

Key Details

1 Apr 2015

At 6%, replace 5%-10% Sales

Tax & 6%

Services Tax

Zero-Rate &Exemptions onessential goods

& services

GST TransitionPackage

Taxes

1%-3% personalincome tax rate

cuts in 2015

1% corporateincome tax cut in

2016

Non Taxes

One-off cash forlow income group

Capital allowance,training grants &fin. assistance for

businesses

Broad-Based,Revenue Enhancing

Gross Revenue

Apr-Dec 2015: RM23b

2016: RM32b

Net Revenue

Apr-Dec 2015: RM4b

2016: RM9b

Goods & Services Tax (GST)


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ECONOMY – Continue Growth Trajectory between

4.5% to 5.5% in 2014

Global growth expected to improve in 2014, but Downside Risks remain

Malaysian Economy to grow between 4.5% to 5.5% due to External Sector’s

improved performance, and continuing domestic demand from private sector

Source: Bank Negara Malaysia 18


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FINANCIAL SYSTEM – Financial system remains strong, robust and

supportive of the EconomyBanking system liquidity remains

strong with LDR of 85.5% and FDR of

92.0% at End-February 2014

Interest rates remain stable with OPR (3%), BLR (6.53%)

Banking system NPLs remain benign with

Net Impaired Loans ratio at 1.3% and LLC

was at 104.5% as at end-February 2014

Capital ratios remain strong, with CET1

ratio at 12.1%, core capital ratio at 12.8%

and risk-weighted capital ratio at 14.4%



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ECONOMY – Domestic and International recognition

of Government’s measures

CREDIT OUTLOOK

A3 POSITIVE

(from STABLE)

A- STABLE

A- NEGATIVE

COMMENTS

“Malaysia's sovereign rating is supported by the

government's favourable debt structure, the depth

of onshore capital markets, and the high level of

domestic savings .. when compared to (A-rated

peers), Malaysia has generally exhibited faster

growth, lower inflation, and a more robust balance

of payments over the past five years.”

“.. credit rating on Malaysia reflects the country's

strong external balance sheet, open and

competitive middle-income economy, and

considerable monetary flexibility .. may raise the

sovereign credit ratings if stronger growth and the

government's effort to reduce spending result in

lower-than-expected deficits”

“.. prospects for budget reform and fiscal

consolidation (worsened ) .. difficult (for

Government) to achieve interim 3% deficit target ..

Fiscal revenue base is low .. Fitch acknowledges

strengths in the composition of Malaysia's debt and

in its funding base

20


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Questions & Answers


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CONSUMER PRICE INDEX


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0

10

20

30

40

50

60

70

80

90

100Miscellaneous Goods & Services

Restaurants & Hotels

Education

Recreation Services & Culture

Communications

Transport

Health

Furnishing, Household Equipment &

Household Maintenance

Housing, Water, Electricity, Gas &

Other FuelsClothing & Footwear

Alcoholic Beverages & Tobacco

Food & Non-Alcoholic Beverages

30.3

2.23.4

22.6

4.11.3

14.9

5.7

4.61.43.2

6.3

762 Item Specification

137 Price Collection

Centres

30,100 Outlets

180,000 Data Points

Malaysia adopts international standards and practices

for data collection

10

Main Groups and Weightage


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Malaysia’s Inflation Rate is relatively stable compared

to global trends

World Bank data shows that Malaysia’s CPI is well managed

2002 2007 2012

High Income countries 2.1 2.5 2.6

Upper middle income 5.3 5.4 4.5

Middle income 5.2 6.2 4.6

Malaysia 1.8 2.0 1.6

12


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CPI for Jan-Feb 2014 increased by 3.5% to 109.7

compared to 106.0 for Jan-Feb 2013

13

CPI for February 2014 registered an increase of 3.5 per cent from 106.1 to 109.8 and when compared

with the previous month, the CPI increased by 0.3 per cent

Group Weightage

Index % Change

Feb-13

Jan Feb Jan - Feb

2013

Jan - Feb

2014

Feb 2014/ Feb 2014/ Jan - Feb

2014/20132014 2014 Jan-14 Feb-13

TOTAL 100 106.1 109.5 109.8 106 109.7 0.3 3.5 3.5

Food & Non-Alcoholic Beverages 30.3 110.2 114.5 114.4 110.1 114.5 -0.1 3.8 4

Alcoholic Beverages & Tobacco 2.2 106.7 121.7 121.7 106.7 121.7 0 14.1 14.1

Clothing and Footwear 3.4 98.6 98.7 98.8 98.8 98.8 0.1 0.2 0

Housing, Water, Electricity, Gas &

Other Fuels22.6 104.3 107.3 108 104.2 107.7 0.7 3.5 3.4

Furnishings, Household Equip. &

Routine Household Maintenance4.1 104.9 106.3 106.5 104.8 106.4 0.2 1.5 1.5

Health 1.3 106.1 108.2 108.4 106.1 108.3 0.2 2.2 2.1

Transport 14.9 105.3 110.9 111.1 105.3 111 0.2 5.5 5.4

Communication 5.7 98.7 98.2 98.1 98.7 98.2 -0.1 -0.6 -0.5

Recreation Services & Culture 4.6 103.2 104.8 104.9 103.2 104.9 0.1 1.6 1.6

Education 1.4 106.8 108.8 109.3 106.4 109.1 0.5 2.3 2.5

Restaurants and Hotels 3.2 110.5 114.7 115.4 110.3 115.1 0.6 4.4 4.4

Miscellaneous Goods & Services 6.3 105.4 104.4 105 105.5 104.7 0.6 -0.4 -0.8

Non-Food 69.7 104.3 107.3 107.8 104.2 107.6 0.4 3.3 3.3

Durable Goods 6.5 99.6 97.3 97.5 99.7 97.4 0.2 -2.1 -2.3

Semi-Durable Goods 4.4 99.5 99.5 99.6 99.6 99.6 0.1 0.1 0

Non-Durable Goods 41.6 107.6 113 113 107.6 113 0 5 5

Services 47.5 106.3 108.9 109.5 106.1 109.2 0.6 3 2.9


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GOODS & SERVICES TAX


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GST – Zero-Rated and Exempted GST Rates to benefit Rakyat

Standard Rate

Manufacturer -

Claim GST

Wholesaler -

Claim GSTRetailer -

Claim GSTGST rate paid is 6%

6%

Zero Rated

GST rate paid is 0%

0%

Manufacturer -

Claim GST

Wholesaler -

Claim GST

Retailer -

Claim GST

Exempted

No GST charged

6% GST

Supplier -Claim GST

Cannot Claim GST


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28

GST – Zero-Rated and Exempted GST Rates to benefit Rakyat

28

MANUFACTURER

Manufacturer :GST collected = RM6.00Less: GST input = RM0.00GST remitted = RM6.00

WHOLESALER

RM106

Tax Retention Form

Cost+Margin = RM100GST (6%) = RM6

RETAILER

Wholesaler :GST collected = RM7.20

Less: GST input = RM6.00GST remitted = RM1.20

RM127.20

Cost = RM100

Margin (20%) = RM20GST (6%) = RM7.20

Retailer :GST collected = RM9.36Less: GST input = RM7.20GST remitted = RM2.16

CONSUMER

RM165.36

Cost = RM120Margin (30%) = RM36GST (6%) = RM9.36

RM9.36

GST Collected

by Government

RM9.36GST paid by

Consumer


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NEGARATAHUN

PELAKSANAAN

KADAR

SEMASA (%)

Philippines 1988 12

Indonesia 1984 10

Vietnam 1999 10

Cambodia 1999 10

Laos 2009 10

Thailand 1992 7

Singapore 1994 7

MALAYSIA 2015 6

• Kadar GST di Malaysia

adalah yang terendah di

kalangan negara ASEAN

• Kadar Terendah – 5%

(Jepun, Taiwan dan

Kanada)

• Kadar Tertinggi – 27%

(Netherlands)

GST – Comparison of Current GST Rates


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Kadar

Standard6%

Terendah di ASEAN

7% (S’pura &

Thailand)

10% (Indonesia,

Filipina, Kemboja,

Laos & Vietnam)Threshold = RM500,000(peniaga di bawah threshold tidak perlu caj GST)

Perkhidmatan Jabatan

Kerajaan

Perkhidmatan PBT &

Badan Berkanun*

Tidak dikenakan GST (Out of Scope)*perkhidmatan berkaitan pengawalseliaan dan penguatkuasaan

Bekalan berkadar sifar (Zero rated)

Barang

makanan

beras, tepung gandum & sagu serta kacang dhal

gula pasir & garam minyak masak (kelapa sawit, kelapa & kacang tanah)

rempah ratus dan cencalok, budu, belacan

susu bayi

Produk

pertanian padi

sayuran segar & ulam-ulaman

Binatang

ternakan &

daging

lembu, kambing, kerbau, khinzir

ayam & itik (termasuk telur ayam & itik)

Makanan

laut semua jenis termasuk ikan kering & ikan bilis

Utiliti bekalan air paip (domestik) bekalan elektrik 300 unit pertama (domestik)

Eksport barangan & perkhidmatan dieksport

Dikecualikan GST (Exempt)

Rel Bas

Pengangkutan

Air

Teksi/KeretaSewa

Tol

Rumah

Kediaman

Tanah (Umum)

KewanganPendidikan/

Kesihatan

GST – Structure


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Makanan di luar rumah 2.6%

Makanan dan minuman

bukan alkohol 1.4% Minuman alkohol dan

tembakau 3.5%

Pakaian dan kasut -0.4%

Perumahan, air, elektrik, gas

dan bahan api lain 1.1%

Hiasan, perkakasan danpenyelenggaraan isi rumah

-1.3%

Kesihatan 3.8%

Pengangkutan 3.9%

Komunikasi -0.7%

Perkhidmatan rekreasi dan

kebudayaan 3.2%

Pendidikan 1.1%

Restoran dan hotel 2.9%

Pelbagai barang dan

perkhidmatan2.6%

Purata 1.8%

Wilayah IHP

Semenanjung

Malaysia 2.0 %

Sabah 1.5 %

Sarawak 1.6 %

Purata 1.8 %

Impak IHP Mengikut

Wilayah

GST – Impact of GST Implication on CPI


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BNM ECONOMIC FORECAST


33/39

ECONOMY –Private Investment in 2014 to be robust

and broad-based, Private Consumption to moderate

Real Private Investments to grow 12.6%

Private Investments supported by improvement in external demand,commencement of new projects in manufacturing and services, and continued

progress of existing projects, including mining

Real Private Consumption to grow 6.9%

Private consumption growth will be supported by sustained income growth

and steady employment conditions



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ECONOMY – Malaysian Domestic Economy expected

to diversify further in 2014



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ECONOMY – Current Account to remain in surplus,

Higher Export growth amid expansion in imports

Moderating Current Account surplus arising from structural shift in domestic

economy, and higher growth of imports over exports.

Trade Balance will remain in surplus with contribution from manufactured

goods and commodity exports



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FINANCIAL SYSTEM – Financial Stability well

preserved in 2013

• Financial intermediation

remained supportive of the

economy

‒ Outstanding financing

expanded by 10.6%

• Orderly intermediation of

volatile short-term capital

flows

• Financial institutions have

strong capital and liquidity

buffers

• Confidence in financial system

firmly intact

Source: Bank Negara Malaysia

^ reflects 2013 position

* Based on Basel II requirements

36


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FINANCIAL SYSTEM – Household Debt moderated to

slowest pace since 2010

• Responsible financing

measures continue to showpositive effects on

strengthening household

resilience

‒ Stable leverage of

vulnerable borrowers

‒ Prudent debt-service ratioobserved for new

financing

• Quality of household loans

from banking system remain

sound‒ Both impaired loan ratio

and loans-in-arrears

continued to trend lower,

at 1.3% and 2.1%



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WAWASAN 2020


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Call for Malaysia to achieve a self-sufficient industrialized

nation by the year 2020

CHALLENGE 1 Establishing a united Malaysian nation made up of one Bangsa Malaysia (Malaysian Race)

CHALLENGE 2 Creating a psychologically liberated, secure and developed Malaysian society

CHALLENGE 3 Fostering and developing a mature democratic society

CHALLENGE 4 Establishing a fully moral and ethical society

CHALLENGE 5 Establishing a matured liberal and tolerant society

CHALLENGE 6 Establishing a scientific and progressive society

CHALLENGE 7 Establishing a fully caring society

CHALLENGE 8Ensuring an economically just society, in which there is a fair and equitable distribution of

the wealth of the nation

CHALLENGE 9Establishing a prosperous society with an economy that is fully competitive, dynamic,

b t d ili t

Intan Minister Forum 15 April 2014

Documents

Transcript of Intan Minister Forum 15 April 2014