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Malaysia should diversify into complex industries
PETALING JAYA: For Malaysia’s economy to move up the value chain, it needs to diversify into more complex industries.
Bank Negara said that to enable this, the Government’s focus should be directed towards modernising and augmenting the supporting ecosystem of important industries.
“The strategy should centre on four key pillars which are proven enablers of rapid diversification in the past – talent, financing, infrastructure and regulations.”
It noted that a sustainable supply of a well-educated and experienced talent pool must form the bedrock for the diffusion of knowledge within and across industries.
Bank Negara highlighted the emergence of new trends such as Industry 4.0 that would have significant consequences on the labour market, and this requires an adaptable workforce that can be reskilled and retooled.
“While institutions were created in the past to address skills shortages, they should now proactively embed joint industry academia element in new and existing course and training curricula, and research programmes. This will ensure that the talent produced matches the dynamic needs of industries, anchored firmly with strong research skills to drive innovative change,” it said.
It said previous efforts had focused primarily on the electrical and electronics (E&E) sector. “Extension of such initiatives to the non-E&E and commodity industries, which account for a larger share of exports at 62%, and 23% of total employment in 2017, would upskill a greater share of the labour force.”
Source: https://www.thestar.com.my/business/business-news/2018/03/29/malaysia-must-move-into-complex-industries-says-bnm-malaysia-should-diversify-into-complex-industrie/#5ivkcxZLAsXevrsm.99