Malaysia: Economic Affairs Ministry to focus on developing new industries

• May 10, 2019

KUALA LUMPUR: The Economic Affairs Ministry will focus on developing new industries to drive the nation’s economy to a higher level and in tune with current developments.

Its 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 in conjunction with the Pakatan Harapan government’s one-year anniversary on Thursday.

“As a ministry that focuses on economic growth and equitable distribution, the ministry 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 high-value agriculture,” he said.

In a statement on Friday, he said the ministry had also embarked on implementing an inclusive regional development to address the development gap between the regions.

To that end, he 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.

Yesterday, Dr Mahathir had 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.- Bernama

Source: https://www.thestar.com.my/business/business-news/2019/05/10/economic-affairs-ministry-to-focus-on-developing-new-industries/#4HmUqjUCrhQCgH55.99