Ministry focuses on developing new industries to drive economy
KUALA LUMPUR: The Economic Affairs Ministry will focus on developing new industries to drive Malaysia’s economy to a higher level and in tune with current developments.
Minister Datuk Seri Mohamed Azmin Ali said the generation of new growth sectors was one of the seven strategic thrusts in the shared prosperity economic model outlined by Prime Minister Tun Dr Mahathir Mohamad in his keynote address yesterday, in conjunction with the Pakatan Harapan coalition’s one-year anniversary as the government.
“As a ministry that focuses on economic growth and equitable distribution, it will focus on the creation of new industries, which is part of the generation of new growth sectors.
“The emergence of new technologies in the Fourth Industrial Revolution (Industry 4.0) requires investments and capacity creation in 15 proposed sectors as the main economic growth areas, among them, content industry (entertainment and digital), Asean hub (logistics, technology, research and regional offices) as well as smart and highvalue agriculture,” he said.
In a statement yesterday, he said the ministry had also embarked on implementing an inclusive regional development to address the development gap between the regions.
To that end, Azmin said the ministry had approved development and infrastructure projects worth RM4.8 billion in Kedah and RM1.4 billion in Kelantan for the development of comprehensive economic centres nationwide.
Dr Mahathir yesterday outlined the country’s new economic direction, which includes restructuring and improving the business ecosystem; inclusive regional development; generating new growth sectors; enhancing talent reformation and national resources; and improving labour market and employee income.