KUALA LUMPUR: Malaysia must transition to a value creation-based economy by increasing economic diversification to raise the ceiling of national growth.
Finance Minister II Datuk Seri Amir Hamzah Azizan stated that the focus will be on high-value technology and innovation-based sectors and industries.
“This transition will cultivate a culture of creation, in line with the aspiration to position Malaysia as a leading producer of consumer products for export worldwide.”
“This is in line with the shift from the concept of ‘Made in Malaysia’ to ‘Made by Malaysia’,” he said when winding up the debate on the 13th Malaysia Plan in the Dewan Rakyat today.
Amir Hamzah confirmed priority will be given to boosting high-growth, high-value industries including semiconductors, energy transition, and digital industries.
“This strategy is aligned with the New Industrial Master Plan, the National Energy Transition Roadmap, and the National Semiconductor Strategy.”
He added that agri-food and agro-commodity subsectors will continue to be enhanced to ensure food security and reduce imports.
Rare earth elements, the green economy, the blue economy, and carbon capture initiatives will become new sources of economic growth.
High-impact strategic sectors will focus on strengthening tourism, the halal industry, and the orange economy.
The air transport industry, global services, financial services, distributive trade, logistics, and sports will be further boosted.
“To boost the growth of these sectors and industries, the support ecosystem will be improved through stronger policies and governance, provision of incentives and financing, as well as infrastructure development.”
“This move will support quality investments and industrial scaling,” he explained. – Bernama
