KUALA LUMPUR, July 1 — The government is prioritising revitalising economic growth to expand its size and put the economy back on the right track.
Prime Minister Datuk Seri Anwar Ibrahim said economic structural reforms are being actively implemented to speed up the transition towards becoming a high-income nation, in line with the Madani Economy’s goal of the country becoming an Asian economic leader.
“This target will only be achieved if the economy grows at a rate of 5.0 per cent to 6.0 per cent per year in the next 10 years,” he said in a written reply in the Dewan Rakyat today.
Anwar was replying to Bachok MP Mohd Syahir Che Sulaiman’s query about the government’s detailed plan to place Malaysia among the world’s 30 largest economies, which is one of the seven goals to be achieved in the Madani Economy Narrative.
He added that efforts to increase economic growth will be supported by the implementation of initiatives outlined in the Mid-Term Review of the 12th Malaysia Plan, the National Energy Transition Roadmap, the New Industrial Master Plan 2030, and Budget 2024 to maximise the country’s economic growth potentials.
Additionally, the focus is also on attracting more quality and advanced technology-based investments in high-growth and high-value industries to encourage the development of complex products and services and create skilled and high-income jobs.
“Companies will be encouraged to increase investments in the acquisition of machinery and equipment to expand capacity and productivity and invest in advanced technologies such as blockchain, artificial intelligence and big data analytics.
“They will also be encouraged to intensify green investments in business operations and premises, including for the development and use of renewable energy sources,” Anwar said.
The government will also facilitate ways to increase the involvement of higher education institutions, research institutes and the private sector to accelerate research, development, commercialisation, and innovation activities.
— Bernama
