Economy To Be Reinforced, Attract Investment And Innovation - Malaysia's Prime Minister

The government will continue to stimulate Malaysia's economic activities with focus placed on knowledge-intensive service sectors, accelerating innovation and technology adoption, said Prime Minister Dr Mahathir Mohamad.

KUALA LUMPUR, (APP - UrduPoint / Pakistan Point News - 18th Oct, 2018 ) :The government will continue to stimulate Malaysia's economic activities with focus placed on knowledge-intensive service sectors, accelerating innovation and technology adoption, said Prime Minister Dr Mahathir Mohamad.

"The economic growth momentum will be reinforced by spurring economic activity and promoting private investment.

"Focus will be given to strengthening the fundamentals of the economy based on innovation, creativity and high-value added activities towards enhancing productivity and industry competitiveness," he said when presenting the mid-term review of the 11th Malaysia Plan 2016-2020 in Parliament here Thursday.

The prime minister also said the services sector would be the main driver of the country's economic growth, as such, knowledge-intensive service sectors would be enhanced.

Strengthening economic growth is one of the six pillars outlined by him as the government's main priority and new emphasis for the 2018-2020 period.

He also said efforts would be stepped up to create a dynamic ecosystem, promote the adoption of latest technologies and e-commerce, as well as, leverage on the digital platform to promote products and services to enter the international market.

In this regard, Malaysia would be rebranded as a major tourist destination by strategically positioning local eco-tourism products to attract more tourists.

Dr Mahathir also said the transition of the manufacturing sector towards the production of high-value, diversified and complex products would be greatly encouraged.

"Manufacturing sub-sectors with high potential growth, namely aerospace and medical devices, will also take precedence.

"The industry needs to increase productivity by accelerating the use of robotics, automation and innovation, conduct research and development besides implementing sustainable production practices," he added.

The government, the prime minister said, was aware of the pivotal role small and medium enterprises assumed in the national economy.

As such, efforts to create a resilient and sustainable SME sector will continue to be implemented.

The goal is to increase SME contribution to Gross Domestic Product (GDP) to 41 per cent in 2020, he said.

"SME contribution to exports will also be enhanced through the internationalisation of initiatives and export promotion," he added.

The premier also said the government would also accelerate innovation and adoption of technology in order for the country to utilise the Fourth Industrial Revolution (4IR).

"Hence, the national policy framework on 4IR will be formulated to promote innovation, creativity and competitiveness in the face of the rapidly expanding digital revolution," he pointed out.

Meanwhile, the National Policy on Industry 4.0 ( 2018-2025) which would outline the action plan for industrial technology related to Industry 4.0, would be launched to improve productivity and competitiveness of the manufacturing sector.

Emphasis would also be focused on several areas like biotechnology, nanotechnology, digital technology, green technology and neuro technology which would fuel the progress of science, technology and innovation.

The government would also ensure that the infrastructure provided is of high quality in terms of integration, coverage and connectivity as well as capacity and sustainability.

To reinforce cross regional connectivity, the construction of expressways outside the Klang Valley would continue to be given priority, among others, continuing the implementation of the Central Spine Road and the Kota Bharu-Kuala Krai Expressway, he said.

"Besides, the expansion of terminals, the extension of runways and the enhancement of facilities for selected airports will be implemented. For example, upgrading facilities atthe Langkawi International Airport, " said Dr Mahathir who is also the Member of Parliamentfor Langkawi.