Budget 2025 Will Increase Inclusivity Through Prudent Fiscal Management - Tengku Zafrul
KUALA LUMPUR, Oct 18 (Bernama) -- Budget 2025 will increase inclusivity, the equitable distribution of wealth and address social issues while ensuring the welfare of the population through prudent fiscal management and targeted subsidies.
According to the Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz, MITI will continue to work closely with all stakeholders to ensure that the implementation of the presented initiatives runs smoothly and contributes to the prosperity of the country's economy.
Among the key initiatives include the RM1 billion New Investment Incentive Framework which targets the electricity and electronics (E&E) sector and high-value activities; technology talent development with significant investment in science, technology, engineering and mathematics (STEM) training as well as technical education and vocational training (TVET) and artificial intelligence (AI).
The New Investment Incentive Framework which focuses on high-value activities compared to the existing incentives, which are based on specific products, is expected to be implemented in the third quarter of 2025.
Other initiatives include RM200 million for the Strategic Joint Investment Fund (CoSIF) and the NIMP Industrial Development Fund (NIDF) to support the growth of small and medium enterprises and mid-sized companies and promote innovation.
This also includes a RM40 million ringgit initiative under Matrade to help Malaysian exporters on the international stage, particularly exploring new markets in Africa, Latin America, and the Middle East as well as an allocation of RM750 million to EXIM Bank to encourage local exporters to expand operations to foreign markets.
"I am optimistic that the measures of the 2025 Budget will be able to further increase the momentum of the country's economic growth," said Tengku Zafrul in a post on his official Instagram page today.
-- BERNAMA