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Amir Hamzah Appointed Economy Minister, Focus on 13th Malaysia Plan

PUTRAJAYA, June 27 – In a significant move to bolster Malaysia's economic strategy, Datuk Seri Amir Hamzah Azizan, currently the Second Finance Minister, has been appointed as the Economy Minister, effective immediately. This appointment comes with a crucial mandate: to undertake a comprehensive review and revamp of the 13th Malaysia Plan (12MP) ahead of its presentation to Parliament in July.

Why This Change Matters

The 13th Malaysia Plan is a pivotal document outlining Malaysia's economic development goals and strategies for the coming years. The decision to task Amir Hamzah with its review signals the government's commitment to ensuring the plan is robust, relevant, and capable of driving sustainable economic growth in the face of evolving global challenges. The timing of this appointment, just before the parliamentary tabling, underscores the urgency and importance of the task.

Amir Hamzah's Expertise and Challenges

Amir Hamzah's background as Second Finance Minister provides him with a strong foundation for this role. He possesses a deep understanding of fiscal policy, economic management, and the intricacies of the national budget. However, he faces a significant challenge in revamping the 12MP. The current economic landscape is complex, characterized by factors such as rising inflation, global supply chain disruptions, and geopolitical uncertainties. Furthermore, the 12MP was formulated under different economic conditions; therefore, adjustments are likely necessary to ensure its effectiveness.

Key Areas of Potential Review

Experts anticipate that Amir Hamzah's review of the 12MP may focus on several key areas:

• Boosting Investment: Attracting both foreign and domestic investment to fuel economic expansion. This could include streamlining regulations, improving infrastructure, and creating a more favorable business environment.
• Enhancing Productivity: Improving the efficiency and output of the Malaysian workforce through skills development, technology adoption, and innovation.
• Promoting Inclusive Growth: Ensuring that the benefits of economic growth are shared equitably across all segments of society, with a particular focus on addressing income inequality and poverty.
• Sustainability and Green Economy: Integrating environmental sustainability considerations into the plan, promoting renewable energy, and fostering a green economy.
• Digital Transformation: Accelerating the adoption of digital technologies across all sectors to enhance competitiveness and drive innovation.

Looking Ahead

The appointment of Amir Hamzah as Economy Minister and his mandate to revamp the 13th Malaysia Plan represents a crucial opportunity to shape Malaysia's economic future. The coming weeks will be critical as he and his team work to refine the plan and ensure it aligns with the nation's aspirations for sustained and inclusive economic prosperity. The parliamentary tabling in July will be a key moment to assess the government's vision and commitment to achieving these goals. The public will be keenly watching for details on how the revised plan addresses current economic challenges and sets the stage for long-term growth.