What are NKEA sectors?

What are NKEA sectors?

NKEA means the National Key Economic Area which is the driver of economic activities that potentially and directly contributes towards the Malaysian Economic Growth measurable by the National Gross Income (GNI) indicator; Sample 1.

What is 12 NKEA?

The 12 NKEAs are oil and gas, palm oil and related products, financial services, wholesale and retail, tourism, information and communications technology (ICT), education services, electrical and electronic, business services, private healthcare, agriculture and Greater Kuala Lumpur.

What is the importance of palm oil in the economy of Malaysia?

Intuitively, palm oil’s significance makes sense. In 2020, palm oil constituted nearly 38 percent of the value of Malaysia’s agricultural output and contributed three percent to its gross domestic product.

What is RMK 12?

RMK-12 sets the strategic direction for Malaysia’s development for the period of 2021 to 2025 as we move forward as a nation. This development roadmap aims to achieve the objective of a “Prosperous, Inclusive, Sustainable Malaysia”, focusing on three Themes: Resetting the economy.

How much of Malaysia’s GDP is palm oil?

2.7 percent
In 2020, the gross domestic product (GDP) contribution from palm oil in Malaysia was estimated to be at 2.7 percent of its GDP. Palm oil is one of Malaysia’s primary industries, and its main agricultural export globally.

Why is palm oil in high demand?

Palm oil is a very productive crop. It offers a far greater yield at a lower cost of production than other vegetable oils. Global production of and demand for palm oil is increasing rapidly. Plantations are spreading across Asia, Africa and Latin America.

What is NKRA programs?

The Raising Living Standard of Low-Income Households NKRA is aimed to empower low income households to improve their social standing and create more income opportunities. Besides defining and identifying the poor, the NKRA also aims to create a long term system that helps create opportunities for the underprivileged.

How many NKEAs is targeted under ETP?

12 NKEAs
The 12 NKEAs selected are: Oil, Gas and Energy; Palm Oil; Financial Services; Tourism; Business Services; Electronics and Electrical; Wholesale and Retail; Education; Healthcare; Communications Content and Infrastructure; Agriculture; and Greater Kuala Lumpur/Klang Valley.

Which plan is implemented in Malaysia?

The Eleventh Malaysia Plan 2016-2020 focuses on Malaysian people, to provide them with wellbeing and prosperity. It is the final leg in the journey towards realising Vision 2020 to achieve full development in Malaysia.

What is the current Malaysia Plan?

The Twelfth Malaysia Plan, 2021-2025 (Twelfth Plan), a medium-term plan with the objective of ‘A Prosperous, Inclusive, Sustainable Malaysia’, is the start of a new phase in Malaysia’s development journey – the Shared Prosperity Vision 2030 (WKB 2030).

Why did the NEP fail?

In the first view, NEP was abandoned because it was inconsistent with any further industrial development of a socialist kind, and its abandonment was therefore a rational economic decision.

What is the purpose of new economic policy?

NEP economic reforms aimed to take a step back from central planning and allow the economy to become more independent. NEP labor reforms tied labor to productivity, incentivizing the reduction of costs and the redoubled efforts of labor. Labor unions became independent civic organizations.

Which country consumes the most palm oil?

Palm Oil Domestic Consumption by Country in 1000 MT

What is Malaysian plan?

1. A comprehensive outline of government development policies and strategies; also referred as Malaysia 5 Year Plan. The first plan was introduced in 1965, covering development agenda from 1966 to 1970. Currently Malaysia is at the verge of introducing its tenth plan.