The tourism industry aims to raise its contribution to the Gross National Income (GNI) to RM104bil by 2020 through 12 entry point projects (EPPs) and new business opportunities.
This would require the sector to raise its annual contribution by RM67bil, tripling its GNI from RM37bil in 2009.
At the Economic Transformation Programme Open Day, the National Key Economic Area laboratory on tourism disclosed the 12 EPPs which are expected to deliver RM28.4bil and three business opportunities that would deliver RM28.6bil in incremental GNI.
Declaring Malaysia as a global biodiversity hub and positioning the country as a duty-free shopping destination for tourist goods are among the EPPs expected to deliver significant results in the industry within a 10-year time frame.
The other EPPs are developing the world’s first eco-nature integrated resort in Sabah, designating KLCC-Bukit Bintang as a vibrant shopping precinct and establishing three new premium outlets in Malaysia.
There are also plans to create a Straits Riviera, targeting more international events, establishing dedicated entertainment zones, developing local expertise and better regulating the spa industry, establishing Malaysia as a leading business tourism destination, improving rates, mix and quality of hotels and enhancing connectivity to priority medium-haul markets.
A total of RM204bil in funding would be required over the next 10 years to achieve these aspirations. Of this funding, only 2% is expected to come from the public sector.
Malaysia’s growth in tourism has mostly relied on growth in arrivals rather than yield: 75% of growth has been from increased arrivals and 25% from increased yield.The laboratory on retail also proposed the setting up of 21 1Malaysia malls in emerging markets overseas by 2020, starting with Vietnam, to expand local retailers abroad