'MALAYSIA ADOPTS MULTI-PRONGED APPROACH TO TRANSFORM INTO HIGH-INCOME MODEL'

KUALA LUMPUR, April 19 (Bernama) -- Malaysia is adopting a multi-pronged
approach in its drive to transform the country’s economy into a high-income
model, said International Trade and Industry Minister Mustapa
Mohamed.

He said although the government planned to step back and let the private
sector drive the transformation of Malaysia’s economy forward, his ministry had
a pivotal role to play in supporting the transition.

He said the ministry was focusing on encouraging domestic investment in
specific areas of the economy, galvanising industrial development in key
segments such as manufacturing, and creating more skilled job opportunities for
the local workforce.

"Malaysia is keen to promote investments in targeted growth areas such as
high-end electronics, biotechnology, machinery and equipment, medical devices
and renewable energy," he said.

He said this in an interview with the Oxford Business Group (OBG), a global
publishing, research and consultancy firm, which is also available in OBG's
business guide 'The Report: Malaysia 2010'.

Mustapa said agencies under the ministry were already considering how they
could upgrade the current incentives structure and would also take steps to
facilitate funding options.

"Besides initiatives to rebuild confidence and revitalise private sector
investments, the ministry is also working with the central bank to ensure that
there is access to financing," he added.

Mustapa said access to financing would allow companies to make the upgrades
needed to push their business up the value chain, such as automating production
processes and investing in staff training.

He also voiced his confidence that new growth industries, such as
information and communication technologies would bring value added to existing
fields of business.

"The new knowledge industries can complement existing industries by raising
the overall level of technology or by making available customised consultancy
services to help businesses increase their productivity levels through the use
of technology," he said.

-- BERNAMA