Govt to focus on reforming economic structure towards higher value chain

30 Mar 2023

The government will focus on efforts to reform the economic structure towards a higher value chain to ensure that Malaysia becomes one of the preferred destinations for investors in Asia.

The Economy Ministry said the objectives are to strengthen growth and increase productivity in all sectors, in line with the Malaysia Madani concept.

“Emphasis will also be given to new sources of growth from strategic sectors that can accelerate the inflow of new investments.

“Among them are the high-tech industries that prioritise digitalisation such as in the electrical and electronics, aerospace, and data centre industries,” the ministry said in a written reply to the Dewan Negara published on the Parliament website today.

The ministry was replying to a question from Senator Mohd Apandi Mohamad regarding steps to make Malaysia an Asian Tiger economy based on the Malaysia Madani concept.

The ministry said the private sector, especially the micro, small and medium enterprises, will continue to be driven as development partners and catalysts for economic growth.

Environmentally conscious industries such as electric vehicles and renewable energy, including solar energy and battery technology will also be given attention.

“The government will also focus on potential sources of growth such as agriculture and commodity-based sectors, particularly smart agriculture and biomass as well as tourismrelated sectors,” it added.

Source: Bernama