Monday, 30 May 2011

Government expects 40pc of total investment from oil and gas

The government has projected the oil and gas sector to continue supplying over 40 per cent of total investments until 2020.

Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said today that the sector is projected to invest at least two-fifths of the RM1.33 trillion targeted under the Economic Transformation Programme (ETP).

“Oil and gas has been contributing about 42 per cent each year, so it is on track,” he told reporters.

The ETP, launched by Prime Minister Datuk Seri Najib Razak in September 2010, plans to push the country to reach developed nation status by 2020.

This will include raising per capita income from US$6,700 (RM20,400) per year to US$15,000 and total gross national income to US$523 billion.

Putrajaya has set an annual target of six per cent economic growth to achieve this target.

Mustapa also said today that total investment for 2011 was RM83 billion, with an average of RM115 billion per year targeted for the next five years.