Budget 2012 Malaysia ICT Industry

Malaysia's ICT industry has extended a cautious welcome to the latest Budget 2012 proposals, worth RM232.8 billion (US$74 billion), tabled 7 October by Prime Minister Datuk Seri Najib Tun Razak. Themed 'National Transformation: Welfare For The People, Well Being For The Nation,'Najib, who is also the Finance Minister, said RM181.6 billion (US$57.54 billion) of the total cost of Budget 2012 would be used for operating expenditure and RM51.2 billion (US$ 16.22 billion) for development expenditure. Of the development expenditure, RM29.8 billion (US$ 9.44 billion) is provided for the economic sector to support infrastructure needs, industry, agriculture and rural development, he said. Prime Minister Najib also announced a RM100 million (US$ 31.69 million) allocation for creativity and innovation  of which RM30 million (US$ 9.5 million) will be used to establish the Market Validation Fund to be managed by the Malaysian Technology Development Corporation together with the Malaysia Innovation Agency