KUALA LUMPUR, Aug 21 (Bernama) — Malaysia needs to shift to a value creation-based economy by increasing economic diversification in order to raise the ceiling of national growth, according toi Finance Minister II Datuk Seri Amir Hamzah Azizan.
Amir Hamzah, who is also carrying out the duties and functions of the economy minister, said 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 (13MP) in the Dewan Rakyat today.
Amir Hamzah said priority will be given to boosting high-growth, high-value (HGHV) industries, including high-value electrical and electronics industries, especially semiconductors, energy transition, as well as technology and digital industries.
“This strategy is aligned with the New Industrial Master Plan, the National Energy Transition Roadmap, and the National Semiconductor Strategy,” he said.
In addition, the agri-food and agro-commodity subsectors will continue to be enhanced to ensure food security and reduce imports, he added.
He also said that rare earth elements, the green economy, the blue economy, as well as carbon capture, utilisation and storage (CCUS) initiative will be new sources of economic growth.
Meanwhile, he said the development of high-impact strategic sectors will focus on strengthening the tourism sector, halal industry and orange economy.
At the same time, the air transport industry, global and financial services, distributive trade, logistics, and sports will be further boosted, he added.
“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
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