PETALING JAYA: The government will boost economic recovery with the implementation of various initiatives to ensure economic resilience and well-being of Malaysians, says Datuk Seri Ismail Sabri Yaakob.

       In his 2022 New Year address, the Prime Minister said one of the government's main focuses in 2022 is to create at least 600,000 new job opportunities besides reviving the small and medium enterprises.

       He added that several important themes need to be mobilised in 2022, and among them is the empowerment of the digital economy in line with the demands of current realities.

       “With the same awareness of the need to adapt to the needs of the present and the future, Malaysia has made a commitment to achieve the status of ‘carbon neutral nation’ by 2050," said Ismail Sabri

       “The transformation towards an environmentally, socially and governance-oriented economy and society (ESG) requires a shift in various aspects of management, administration and the mindset of policy-making," he added.

       Ismail Sabri then said that in terms of the job opportunities that will be generated, Malaysia must be prepared to create an ecosystem that is able to generate activities and job markets that are in line with the demands and needs towards an ESG-friendly economy and society.

       “These ESG aspirations also require the courage of the government to create a more conducive policy framework and incentives," he also said.

       “Among the incentives that prove the government is committed to this agenda is the full exemption on import duty, excise duty, sales tax and even road tax for electric vehicles," added Ismail Sabri.

       From the social aspect and the well-being of the people, Ismail Sabri said the government's focus is to meet the housing needs of the younger generation.

       “This aspect will also involve Artificial Intelligence technology where the Smart Safe City concept will be introduced in stages starting in major cities throughout the country," he said.

       Ismail Sabri added that this is one of the economic directions that will be in place in 2022.

       “I will also personally lead the government's poverty eradication initiative through the establishment of poverty units at the central, state and district levels to address the issue of poverty and income disparities," said Ismail Sabri.

       He also said that this will include poverty in the city as well as in rural areas.

       “In the same spirit of inclusiveness, the government will continue to focus on rural progress and development throughout the peninsula, Sabah and Sarawak,” he added.

       Despite the difficulties faced in 2021, Ismail Sabri said the government’s efforts to rehabilitate and restructure the country’s economy has resulted in the positive achievement of several key macroeconomic and people's indicators.

       “For the first time, the total trade reached RM2 trillion after growing 24.6% during the period of January to November 2021 compared with the same period in 2020," said Ismail Sabri.

       He then said that Malaysia's Gross Domestic Product (GDP) has also increased by 3% in the first nine months of 2021.

       “As an indicator of economic vibrancy at the consumption level, the sales value of wholesale and retail trade also recorded an increase of 5.4% to RM116.4bil in October 2021," said Ismail Sabri.

       “The unemployment rate has begun to recover to 4.3% in October 2021, from a peak of 5.3% in May 2020,” he added.

       Investment figures, Ismail Sabri said, are often one of the popular indicators of the business community's confidence in a country's economic integrity.

       “Malaysia recorded a positive growth of RM12.8bil net foreign direct investment (FDI) in the third quarter of 2021 compared with RM8.2bil in the second quarter, which is an increase of 56%," said Ismail Sabri.

       He added that this brings the total net FDI for the first nine months in 2021 to more than RM30bil.

       “I am also confident with the country's economic growth momentum expected to continue in 2022 with the GDP growth rate projected to grow between 5.5% and 6.5%, in line with the International Monetary Fund projection at 6% and the World Bank at 5.8%,” he said.

       Ismail Sabri also that said each head of household affected by the recent floods will receive compassionate monetary assistance of RM1,000 compared with RM500 previously under the Malaysian Family flood relief fund.