'Making Malaysia more attractive'
THE new measures under the 2014 Budget will ensure Malaysia remains attractive to investors with private and public investments expected to increase by 7.3 per cent and 7.4 per cent, respectively.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said intensifying economic activities and human capital excellence will spur the country to the next phase of development.
Several incentives to promote private investments, particularly in the hotel, logistics, aviation and tourism industries, were announced in the Budget 2014.
The addition of more luxury hotels (four- and five-star) will also raise the hospitality standards during Visit Malaysia Year 2014, besides stimulating other related activities, especially in meetings, incentives, conventions and exhibitions (MICE) in Malaysia.
The services sector, he said, continues to be the main contributor for economic growth and the introduction of the Services Sector Master Plan in 2014 will boost growth further.
Likewise, the Logistics Sector Master Plan will guide policymakers across agencies, sectors, and regions in the implementation of measures to improve the efficiency, integration, competitiveness and environmental sustainability of Malaysia's trade logistics.
"It will also contribute towards increasing the level of efficiency of logistics management and reduce the cost of services provided, thereby enhancing trading activities as well as to increase competitiveness of country's export," he said.