2027 Budget development proposals at final screening stage, says Akmal Nasir

GEORGE TOWN: The Economy Ministry is nearing completion of its final screening process for development proposals to be included in the 2027 Budget, with submissions to the Finance Ministry anticipated by mid-August. Economy Minister Akmal Nasir disclosed that the ministry is in the final stages of evaluating its recommendations for development allocations under the second rolling plan (RP2) of the 13th Malaysia Plan (13MP).

Speaking to reporters after the launch of a STEM talent pilot project at Tech Dome, Nasir explained that the process encompasses several stages, commencing with the implementing ministries, followed by coordination and endorsement by the Economy Ministry.

Nasir highlighted that the ministry is evaluating both new funding requirements and ongoing projects to ensure they align with Malaysia's development priorities. He emphasized that the 2027 budget will aim to bolster the 13th Malaysia Plan, with a particular focus on strengthening infrastructure and facility requirements, as well as enhancing the preparedness of government agencies to expedite the development of high-growth, high-value industries.

Projects approved under the first rolling plan (RP1) will also be considered when determining priorities for the subsequent phase.

In relation to Penang's STEM development, Nasir revealed that the ministry has committed RM12.3 million over four years to support the state's STEM blueprint, which targets training 100,000 students by 2030. This initiative serves as a potential pilot for a broader ecosystem-based approach to fostering interest in STEM and nurturing talent for high-value industries.

Nasir underscored the significance of this ecosystem-wide effort, stating that its success could be replicated in other states. Additionally, he emphasized that the initiative will contribute to preparing local talent for better-paying employment opportunities, particularly in the semiconductor and electrical and electronics sectors.

He stressed the importance of collaboration between the federal government, state authorities, and industry stakeholders to ensure that Malaysia's talent pipeline remains aligned with future economic requirements.