Tuesday, 30 November 2010

Budget 2011 Announcement


Entrepreneurship and Capacity Building

•Entrepreneurship Enhancement Training Programmeto train 500 new technopreneursand attract more angel investors (under Cradle Fund Sdn. Bhd).

•The new Insolvency Act to assist entrepreneurs who are blacklisted and unable to conduct businesses or apply for loans through a relief mechanism and higher bankruptcy threshold.

•The Industrial Skills Enhancement Programmeand training of ICT graduates are aimed at enhancing employability of graduates and non-graduates, while the 1Malaysia Training Programmeis aimed at up-skilling and re-skilling in soft and technical skills.

Cost of Doing Business
•The Government to continue with the Distribution of Essential Goods Programmeto standardisethe prices of essential items nationwide.

•The MyCoIDGateway to be extended to more Ministries and Agencies to enhance the Government delivery system.

•The property registration process will be reduced from 30 days to 1 day.

Access to Financing Technology

•RM100 million start-up fund to be established under the Malaysian Technology Development Corporation(MTDC) to provide soft loans, whereby repayments to be made only after the company generates income,

Promoting New Areas of Growth

•In the E&E sector, RM857 million is allocated for local companies to invest in high value-added activities, particularly in Penang and Kulim,

•In green technology, a number of incentives have been provided including import duty and sales tax exemption on equipment for generation of energy from renewable sources and energy efficiency,

•In agriculture, the Government will develop infrastructure to encourage farmers participating in high value activities (i.eswiftlet, seaweeds, ornamental fish) including integrated aquaculture zones, enhancing drainage, diagnostic lab, International Centre for Crops of the Future and to foster partnerships between small-scale fruits and vegetables farmers with anchor companies. In food production, investors will be given income tax deduction, while the companies will be given income tax exemption. Support will also be given to paddy farmers and fishermen,

•In tourism, measures to promote activities include beautification and infrastructure facilities, eco-nature resort and abolition of duties on branded items will have spillover effects on SMEs,

•In the palm oil, both promotion of upstream (replanting fund of RM297 milion) and downstream oleo chemical activities will benefit SMEs,

•MY Creative Content Programmewill encourage development of the local content industry,

•Sultan Abdul Aziz Shah Airport, Subangwill be developed as a centre for training and maintenance and overhaul of aircrafts,

•Infrastructure support will be given to the economic corridors,

•An allocation of RM411 million will be given to encourage research, development and commercialisationactivities and a Special Innovation Unit (UNIK) will be established as a one-stop centre to formulate policies and strategies for a conducive ecosystem to drive innovation,

•A sum of RM200 million is allocated to purchase creative products such as high quality locally-produced films, dramas and documentaries,

•Encourage participation of women in workforce and businesses through Single Mother Skills Incubator Programme, Small Office Home Office programmeand flexible working hours,

•To strengthen the wholesale and retail sector, the Retail Shop Transformation Programme(TUKAR), Automotive Workshop and Community Market projects will be introduced to upgrade and modernisefacilities,

•For small contractors, RM500 million will be provided under ProjekPenyelenggaraanAsetAwamto repair and upgrade public amenities.

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