The International Trade and Industry Ministry is confident the services sector will contribute 70 per cent to the gross domestic product (GDP) by 2015, on par with with other developed countries such as the United States and Japan.
Deputy Minister Datuk Mukhriz Mahathir said the 10th Malaysia Plan, running from 2011 through 2015, anticipates that the average real annual growth rate of the sector should accelerate to 7.2 per cent during 2010-2015, and recognises that higher investments are needed in the services sector.
"We can't push any higher than 70 per cent because it will be at the expense of other sectors.
"The services sector is now a facilitator of domestic growth and employment as well as an anchor and support to other economic sectors such as manufacturing and agriculture," he told reporters at the "Programmes and Incentives for the Services Sector" briefing here today.
Based on January-June 2012 figures, services sector investment accounted for 67.5 per cent (RM59 billion) of total investments of RM87.3 billion towards the GDP with 29.5 per cent (RM25.8 billion) of investment in manufacturing, he said.