MPC to focus on regulatory reform, talent and technology to boost productivity

The Malaysia Productivity Corporation (MPC) will focus on regulatory reform, future talent, technology adoption and digitalisation to boost productivity growth in 2024.

Its director-general, Zahid Ismail, said focusing on these areas will ensure the expediting of approval of RM329.5 billion in investments made in 2023, involving 5,101 projects that can potentially create more than 127,000 new job opportunities, to help achieve the 12th Malaysia Plan’s (12MP) 3.7 per cent productivity growth target.

“The MPC is committed to collaborations in facilitating initiatives to increase productivity to ensure the 12MP Mid-Term Review targets can be achieved.

“Through the close cooperation between the government and industry players, the MPC is confident productivity can be enhanced by addressing issues and challenges that constraint business operations and services,” he said in a statement.

According to the MPC, the productivity level for each employee in 2023 increased to RM96,692 from RM95,858 in 2022.

“National productivity growth is positive but moderated to 0.9 per cent last year,” it added.

The MPC said the 12MP MidTerm Review has targeted a robust 3.8 per cent annual productivity growth for 2024 and 2025.

“The target reflects the government’s determination to increase efficiency and effectiveness in all economic sectors, as well as ensure Malaysia’s position is on the right track to achieve the targets of the Madani Economy framework.

“We are confident the target can be achieved,” it said.

The MPC added that the increase in the number of workers in 2023 to 16.2 million reflected a positive trajectory in new job creation and increased economic activities that can contribute to more robust productivity growth.