etp_handbook_chapter_1-4_economic_model

9 175 economic planning unit and ministry of finance

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Unformatted text preview: CCE) training centres or the expansion of existing ones • E&E: Give R&D and training grants for the expansion of LED companies • Agriculture: Set up a low-interest financing scheme for rural entrepreneurs with Agrobank 22.9 17.5 Economic Planning Unit and Ministry of Finance Total 60.6 101.1 GROWING HUMAN CAPITAL Human capital is critical to the success of the ETP. Significant improvements are required in the size and nature of the talent pool in Malaysia in order to deliver the required GNI growth in the NKEAs. A third of the EPPs, representing RM120 billion of GNI contribution, require direct investments in human capital. Other EPPs will also require human capital development albeit indirectly. Examples of human capital required include aquaculturists (Agriculture), accountants (Business Services), wealth managers and financial products spets (Financial Services) and nurses (Healthcare). Importantly there will also be a significant requirement for leadership talent for managerial and administrative positions across all NKEAs. The 3.3 million jobs expected to be created in the NKEA sectors are required across the range of qualifications, from unskilled labour to vocational certificates and diploma holders to advanced professional degree graduates. A review of skills requirements in the NKEAs show that, on current trajectory, there could be up to 1.0 million job vacancies in 2020 that will be difficult to fill. These range from relatively low-skilled sales assistants and hotel housekeeping staff to high-skilled positions requiring advanced degrees, such as engineers, lecturers, financial analysts and general medical practitioners. To address the human capital needs of the EPPs and business opportunities, the Government will take action to build the capabilities of existing talent in Malaysia, attract foreign talent to work in Malaysia and ease immigration rules to facilitate the entry of talent. Building the pool of human capital will not only benefit the EPPs and business opportunities, but also provide a ready pool of technical, critical thinking and leadership skills needed to run future business opportunities as well as projects in non-NKEAs. 98 Chapter 3 Enabling the Success of the ETP Domestic Capability-Building The skills necessary to meet the demands of some EPPs need to be developed domestically, either through up-skilling existing workers, or through training programmes at universities and other educational or training institutes. As part of the Tenth Malaysia Plan, the Government has, in addition to systematically upgrading tertiary institutions, committed to significantly increase funding and focus on upgrading technical and vocational training. The companies driving these EPPs have asked the Government to partner with them in providing training or to incorporate specific areas of study into programmes at public universities. An example of such requests is establishing the Centre for Engineering and Excellence (CEE) for the private sector and academia to interact on postgraduate, postdoctoral programmes as well as to work on research-based projects, based on demand from the private sector (such as the E&E NKEA). Others include the introduction of more data centre-focussed courses at...
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This note was uploaded on 02/24/2014 for the course ACCOUNTING financial taught by Professor Alan during the Spring '14 term at Howard.

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