20 10月 RM16.5bil for transport infrastructure projects: MoT set to become the engine driving the economy with Budget 2023
Press statement by MCA Economic Consultative Committee Chairman Tan Tuan Peng
RM16.5bil for transport infrastructure projects: MoT set to become the engine driving the economy with Budget 2023
Observing the allocation for administrative and development expenditure in Budget 2023, the Ministry of Transport (MoT) is set on becoming the engine that will launch off our nation’s economic development for next year.
Allocating RM95 billion for development expenditure in Budget 2023 is the largest ever and a significant increase from the RM75.6 billion in 2022 and RM64 billion in 2021. Comparing the various sectors, development expenditure in the economic sector has the highest allocation, accounting for 56.9%. This reflects the government’s determination towards taking care of people’s livelihood and reviving the economy.
It is obvious that Putrajaya intends to undertake a key role next year in driving and stimulating economic growth by expanding the number of infrastructure projects amidst the global financial downturn. Among them, transport infrastructure projects account for RM16.5 billion in allocations, which shows that MoT plays a vital role.
Out of the RM95 billion in development expenditure, RM16.5 billion is for the transport sector for major infrastructure projects, especially the Pan Borneo Highway for Sarawak and Sabah, the Gemas-Johor Bahru Twin Railway, the East Coast Rail Link Project (ECRL), the Johor Bahru-Singapore Rapid Transit System (RTS) and the Central Spine Road.
Railways which serve as a catalyst that directly drives economic progress, will not only help build a more efficient public transport system, but will also promote local economic development. Not only that, the Pan Borneo Highway Sarawak, which is expected to be fully completed, and the Pan Borneo Highway Sabah which will be completed in 2024, will greatly benefit Sarawakians and Sabahans and boost the economy of East Malaysia.
Looking ahead, in a challenging environment and a slowing global economy, all Malaysians are called upon to give the government our utmost support and cooperation. This is because a stable government is a prerequisite towards full economic revitalisation and enabling people to live and work in peace and contentment, which is the clear goal set by BN for the our nation and citizens.