MDEC: Country’s economic recovery dependent on 4IR, Malaysia 5.0
16 Jun 2020
The country will have to lean on the Fourth Industrial Revolution (4IR) and ‘Malaysia 5.0’ for its economic recovery, according to the Malaysia Digital Economic Corporation (MDEC).
In a statement today, MDEC’s newly appointed chairman Dr Rais Hussin said he envisioned Malaysia 5.0 as a new narrative for the country’s competency in the disruptive technology world, acting as a stepping stone for ASEAN to connect with Asia, the Middle East and Africa, including 1.8 billion Muslims worldwide.
“MDEC will definitely play a key role in introducing new technology, which is an important instrument in the Malaysia 5.0 digital economy.
“Malaysia 5.0 can contribute to the economic cycle and to a more sustainable economy through which a more prosperous life could be created for the population regardless of race, age and class,” he said.
Rais said the 4IR technology could establish a much better living environment including the creation of new more purposeful employment, upskilling the labour force, better health level and education, and create smarter and greener cities.
Although the COVID-19 pandemic has brought a lot of suffering, he said companies and households should be prepared to revive the economy for life to go on after months of quarantine.
“With or without this crisis, if we wish to shift into high income economy, knowledge-based economy must be the nucleus for the Shared Prosperity Vision 2030.
“Additionally, we need to support innovation, train the workforce and provide investment incentives,” he said.