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KUALA LUMPUR, Nov 20 -- With the economy on a recovery trajectory, Budget 2021 will continue to provide the catalyst needed for the business community to go on thriving post-COVID-19.
Northern Corridor Implementation Authority (NCIA) chief executive Datuk Seri Jebasingam Issace John said that the budget that has been laid out will attract investment, as well as put businesses on a good trajectory.
“Despite COVID-19 challenges, some sectors such as healthcare, manufacturing, technology and e-commerce have seen an uptrend.
“The ability to drive businesses during (these) challenging times will be a driver for new investments in the future,” he said on Bernama TV’s “Mid-day Update” programme, today.
He added that moving forward, NCIA’s key focus would be on job creation and retention, as well as to strengthen policy to attract more high-quality investment.
“By the year 2025, the economy in the northern region is expected to reach RM300 billion and with the right catalyst, it is achievable,” he said.
Under Budget 2021, RM780 million has been allocated to enhance economic activities in five regional corridors for the development of strategic economic projects.
Meanwhile, Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said with a higher allocation of RM69 billion for development expenditure under Budget 2021, it will accelerate the construction industry from 18.7 per cent contraction in 2020 to 13.9 per cent expansion next year.
“The efforts to resuscitate the domestic economy would need to be bolstered and it should have a far-reaching impact on other economic sectors and regions,” he said.
He also said that upskilling the workforce is a constant effort in order for those affected by the COVID-19 pandemic to find a new opportunity during these trying times.
“Programmes that will motivate them physically and spiritually would also need to be taken into consideration as this will provide them the drive to excel in whatever field they want to venture into,” he added.