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Invest Malaysia Govt to rely less on O&G revenue, grow services

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Invest Malaysia Govt to rely less on O&G revenue, grow services Empty Invest Malaysia Govt to rely less on O&G revenue, grow services

Post by Cals Tue 10 Jun 2014, 03:14

Invest Malaysia Govt to rely less on O&G revenue, grow services
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 09 June 2014 13:36

KUALA LUMPUR (June 9): The Malaysian government intends to rely les on oil and gas (O&G) revenue.

Performance Management and Delivery Unit (Pemandu) CEO Datuk Seri Idris Jala said (O&G) O&G revenue was expected to constitute 28% of government income by end of this year versus 40% in 2009.

Idris, who is also a minister in the prime minister's department, said the government would grow the services sector to 65% of gross domestic product (GDP) by 2020 in order to be less dependent on O&G revenue.

"We have too much dependency (on O&G revenue). By the end of this year, we should bring it down to about 28%.

"We let the services sector grow," he said at the Invest Malaysia 2014 conference here today.

He said the services sector includes financial and business services, wholesale, retail, tourism, education and communication.

At 65% of GDP, Idris said target came close to Japan's services sector at 70% of GDP, besides Singapore's 72% and the US' 62%.

"(In Malaysia) We were able to grow the services sector to 55% last year from 50% in 2008. We are on the right path, moving forward," he said.
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