PUTRAJAYA: Malaysia’s domestic economy needs to be further fortified against challenges facing the world’s economic stability, said Prime Minister Datuk Seri Najib Razak.
Najib, who is also Finance Minister, said Malaysia must also embrace the opportunities brought about by information and communication technology.
“In order for the Malaysian economy to remain on track, we have to depend on the domestic economy.
“We must leverage on the transformative power of science and technology, and instil the spirit of innovation and creativity among our entrepreneurs to further energise the domestic economy,” he said.
Najib said this in his opening remarks to representatives from the private sector and non-governmental organisations during the 2017 Budget Consultation Council meeting at the Finance Ministry, here today.
He also said there was a need to capitalise on the digital and sharing economy, which he said became increasingly important following the start of the Fourth Industrial Revolution.
“There is talk about the Fourth Industrial Revolution, which depicts digital revolution and characterised by (the) cyber physical system.
“The Revolution is enabled by the popularisation of mobile devices; unprecedented processing power; storage capacity; and access to knowledge.
“(Capitalising on the digital economy) will enable us to strengthen our growth momentum and be ready when the global economy fully recovers.”
Najib said in line with efforts to become a high-income nation by 2020, the government would increase labour productivity by providing opportunities for people to re-skill and up-skill.
“(Also), Malaysia has to be an even more attractive destination for foreign talent. And we will continue with all efforts to encourage women to take their rightful place in the workplace – and in the boardroom.”
During the closed-door meeting, participants shared their views on how best the government could, via the 2017 Budget, balance between promoting growth and ensuring fiscal sustainability.
Source : NST