Malaysia’s economy to be restructured in more progressive direction

Kuala Lumpur (Bernama)

Kuala Lumpur: Malaysia will use high technology adoption, innovation, and research and development to restructure its economy in a more progressive direction, the Economic Affairs Ministry has said.

The aim of the move is to achieve the Shared Prosperity Vision goal of achieving a decent standard of living for all Malaysians by 2030, the ministry said in a statement.

The Shared Prosperity Vision paper recognizes the need to recalibrate the current economic policy to ensure prosperity for all as well as to weather global challenges, the ministry said, national news agency NENAMA reported.

“Focus will be on new growth sources that include the digital economy, aerospace industry, smart farming and supporting services for the Fourth Industrial Revolution (IR4.0). At the same time, existing industries that contribute to economic growth will be given a new shot in the arm,” the paper, debated during the session of the cabinet, said.

According to the ministry, the 2021-2030 vision is a commitment to ensure Malaysia’s economy continues to grow robustly and sustainably.

This commitment will enhance unity among the people and strengthen political stability.

“The beauty of Shared Prosperity will emerge when the economic gap between classes, races and regions as well as the disparity in the supply chain are closed in the context of an ever-growing economy. Hence everyone’s interest is safeguarded, and no one is left behind as the country progresses,” the ministry said.

The cabinet agreed to accept the vision as the new policy to spearhead a sustainable, high-technology and inclusive growth as well as ensuring a fair and equitable distribution to narrow the socio-economic gap, BERNAMA added.