PETALING JAYA: The government has announced a public listed companies transformation programme (PLCT) to strengthen the local economy and position the nation on the path of prosperity, inclusivity and sustainability.
Finance minister Tengku Zafrul Aziz said the initiative would involve five digital guideline books, based on specific pillars slated to be issued by the end of this year.
These pillars involve a performance-driven PLC; growing as sustainable, socially responsible and ethical firms; having strong corporate governance; being digitally enabled; and supporting the nation building drive to advance the economy and community.
“The PLCT will run from 2021 to 2025.
“It will see our PLCs progress in numerous areas, including building a stronger financial position and enhancing their board composition, thereby better positioning them to contribute to the national agenda,” he said during the virtual InvestMalaysia 2021 today.
Tengku Zafrul said the guidebooks would provide direction on best practices, with benchmarks and case studies on becoming stronger corporate entities. This will in turn enhance the PLCs’ attractiveness to global investors.
“The progress of the PLCs will be monitored and shared via a digital dashboard to promote transparency of the intended outcomes.
“I urge all PLCs to support this programme to improve our corporate Malaysia, our capital markets and our economy,” he said.
Additionally, he said, the country had begun seeing “green shoots of recovery” in the wider economy through the national recovery plan.
“This includes a stronger GDP growth in the second quarter of 2021, improvements in the labour market with unemployment decreasing to 4.6% in August 2021 from 5.3% at the height of the pandemic, and an uptick in trade activities, including a 23% year-on-year increase in exports to RM97.3 billion in August 2021.
“Overall, the domestic economy is expected to be fully reopened by the end of this year, before resuming to pre-pandemic growth in 2022.
“Malaysia’s growth rate for the year ahead has been projected at 5.8% and 6.0% by the World Bank and IMF respectively,” he said. - FMT
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