Higher Competitiveness Sought For Malaysia

YB Tengku Datuk Seri Utama Zafrul Aziz, Malaysia’s Minister of Investment, Trade, and Industry (MITI), spoke of the imperative of achieving higher competitiveness and a more sustainable economic development.

He said this while unveiling the Productivity Report 2023 with the theme “Sustainable Productivity.”

Embracing Malaysia’s Ekonomi MADANI aspirations, the report highlights the imperative of achieving higher competitiveness and a more sustainable economic development. This aligns with the government’s mission of fostering prosperity while ensuring a better quality of life for the people.

Underlining the importance of increased productivity, Minister Zafrul shared economist Paul Krugman’s insight that “Productivity isn’t everything, but in the long run, it is almost everything.” The minister emphasized the connection between productivity, efficient resource utilization, and economic growth.

Competitiveness and Sustainability

Minister Zafrul discussed the critical role of the New Industrial Master Plan (NIMP) 2030 in driving productivity and competitiveness across sectors. The plan focuses on increasing economic complexity, fostering technology and digital industry vibrancy, advancing net-zero initiatives, and ensuring economic security and inclusivity. Notably, Malaysia’s New Investment Policy has identified aerospace, chemicals, digital economy, electrical and electronics, and pharmaceuticals as sectors with export potential for complex products.

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The minister emphasized the role of sustainable productivity in achieving Malaysia’s targets of enhanced competitiveness, higher Human Development Index (HDI) ranking, and economic growth. Minister Zafrul stressed that aligning employee well-being with organizational goals is a key to sustainable productivity.

Highlighting the multi-pronged approach to attain these goals, Minister Zafrul underscored streamlining Investment Promotion Agencies (IPAs) functions, reducing bureaucratic obstacles, boosting technology adoption, automating industries, and fostering a skilled talent pipeline. He called for collaborative efforts among federal, state, and local governments, academia, civil society, and the business community.

The event concluded with the launch of the Productivity Report 2023, aimed at guiding policymakers, entrepreneurs, academicians, and all stakeholders towards achieving sustainable productivity for Malaysia’s growth and prosperity.