KUALA LUMPUR, 30 JUNE: To keep the country on a path of economic recovery and sustained prosperity, the government’s rules must be more nimble in responding to quick changes. Datuk Seri Mohamed Azmin Ali, Senior Minister and Minister of International Trade and Industry (MITI), said regulatory frameworks must be designed to enable technological innovation, ensure open and non-discriminatory business environments, protect consumers and workers, and address unintended consequences of disruptions.
“Sustainable productivity development is dependent on productive capital, people, and the workforce,” he added. “As a result, steps to reorganize Malaysia’s workforce to be more dynamic, agile, and resilient are critical to revitalize productivity.”
Mohamed Azmin said that upskilling and reskilling programs should be aimed toward obtaining in-demand skills during the virtual formal launch of the “Productivity Report 2021 — Boosting Productivity: Reset, Reform, Rebound” today.
“Our digital transformation process must work in parallel with our National Investment Aspirations (NIAs), which are focused at developing Malaysia as a high-income nation and the premier destination for high-tech and high-impact sectors, smart manufacturing, and related services,” he said.
According to Mohamed Azmin, the country is already reaping the benefits of the NIAs, as approved investments in the manufacturing, services, and primary sectors increased by 95.6 percent year-on-year (y-o-y) to RM80.6 billion in the first quarter of 2021 (1Q21).
He also mentioned that the National Recovery Plan (NRP) established the recovery journey’s road map.
“Under the NRP, Prime Minister Tan Sri Muhyiddin Yassin launched a RM150 billion package intended at sustaining past economic stimulus programs, helping businesses, and increasing immunization,” he said.
According to Mohamed Azmin, a total of RM600 million has been put aside to boost the country’s vaccine supplies as well as establish 29 new vaccination centers.
“An additional RM150 million has been set aside to support the current MITI-led Public-Private Partnership Covid-19 Industry Immunisation Programme (PIKAS), which focuses on manufacturing sub-sectors that are critical components of the supply chain for important products and services.
“Worker protection is vital because workers are a critical component of the economy,” he continued. Continue reading
