Malaysia can get out of middle income trap if communication issues are fixed, attract new investments – Fahmi
31 Jul 2023
Malaysia can get out of the middle income trap if the country is able to resolve communication issues, the digital divide and attract new investments in certain sectors, said Communications and Digital Minister Fahmi Fadzil.
He said Malaysia’s ability to attract new investments could also solve the problem of the cost of goods rising but wages still not rising.
“If we have a clear direction, we are more strategic in raising funds and investments, then economic growth will happen but the basis is political stability,” he said at the monthly gathering of the Communications and Digital Ministry in Putrajaya today.
He also said thoroughness is necessary in looking at the efforts to realise the direction of Madani Economy because there is no other way to solve the basic problems of the country’s economy without a slight change in direction post-pandemic.
Madani Economy: Empowering the People is an economic framework announced by Prime Minister Datuk Seri Anwar Ibrahim on July 27, aimed at reviving the Malaysian economy and is expected to bring an overflow of revenue to enable the people to enjoy a better quality of life.
“For Malaysia as a country that looks far into the future, the first thrust is the digital economy and the second is renewable energy,” he said.
Fahmi said these two initiatives will provide huge investment opportunities including the concept of downstreaming by focusing on several sectors namely oleo chemicals as well as specialty chemicals.
“This is so that we are no longer just a country that exports crude oil, palm oil and semi-conductors, but more specifically, and Malaysia can become one of the leading countries in producing some of these things,” he said.