New economic vision: high technology and innovation

KUALA LUMPUR: The country’s economy will be restructured in a more progressive direction based on high technology adoption, innovation, and research and development, according to the Economic Affairs Ministry.

This is in order to achieve the Shared Prosperity Vision goal of achieving a decent standard of living for all Malaysians by 2030, it said in a statement today.

The ministry said the Shared Prosperity Vision paper that it tabled at a special Cabinet session today recognises the need to recalibrate the current economic policy to ensure prosperity for all as well as to weather global challenges.

“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,” it said.

The ministry said the vision, which covers the period from 2021 to 2030, is a commitment to ensure Malaysia’s economy continues to grow robustly and sustainably.

This commitment, it added, 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,” it said.

The ministry said the Cabinet, at a three-hour meeting today, 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.

“The government is confident the realisation of the Shared Prosperity Vision will boost the country’s position as a regional economic hub,” it added.