PM Tun Mahathir’s speech at Invest Malaysia 2019:
*Friendly ties with Singapore and China – growth partner. Key trading and investment partner.
*GLC not to crowd out private sector – become catalytic role in driving growth.
*Fix and strengthen government – Cabinet committee set up for anti-corruption.
*No political appointees in GLCs.
*Change in constitution – Prime Minister term to limit to 2 terms.
*Parliament to appoint MACC Chief.
*Budget transparency – mid-year Budget review to be done.
*Ministry of Finance to provide guidelines on appointing Head of GLCs.
*Prime Minister’s to review salary and remuneration of government agencies and GLCs.
*Look East Policy – Learn Japan culture in hardwork.
*Shared prosperity in income levels – Income gap widening and needs to narrow with higher worker salaries with growth in profits.
*Fiscal Responsibilities Act – Government balance sheet to reduce debt and guarantees, greater risk control on government guarantees.
*Reduce GLCs stake of the government – monetisation must not be at fire sale prices. No disruption to capital markets. Some GLCs to be listed.
*Fiscal Consolidation Committee headed by Prime Minister is on track to achieve targets.
*Reduce tax leakages.
*Holistic and simplified tax incentives for future investments.
*Corporate tax to be reduced to 17% for SMEs. <RM500k profit.
*No new tax this year – only sugar tax to be implemented.
*Rationalising government expenditure to be more effective – streamlining programmes for poor headed by Deputy Prime Minister.
*NEAC given mandate to identify pain points and proposing measures to improve growth prospects.
*Education improvements – Make National Schools Great Again. No exams for Standard 1-3. Single vocational schools. Special task force reviewing entire education policies to complete next month.
*Regain status as Asian Tiger.

By Saturna