ID :
210064
Wed, 09/28/2011 - 17:21
Auther :
Shortlink :
https://oananews.org//node/210064
The shortlink copeid
PRODUCTIVITY, EFFICIENCY IMPROVEMENTS KEY DETERMINANTS IN MALAYSIA TRANSFORMATION, SAYS NOR MOHAMED YAKCOP
KUALA LUMPUR, Sept 28 (Bernama) -- Productivity and efficiency improvements
will become the key determinants in transforming Malaysia into a high-income and
developed economy by 2020.
Minister in the Prime Minister Department, Nor Mohamed Yakcop, said
transformational change and not just incremental increases in productivity has
to be achieved through seizing the opportunities for innovation, creativity and
efficiency improvements.
"For productivity to become an important growth-driver, the quality of human
capital is of paramount importance as capital accumulation alone will no
longer be sufficient for Malaysia to make the transition," he said at the Kuala
Lumpur Malay Chamber of Commerce's Fellowship Dinner Talk here Wednesday.
Nor Mohamed said raising productivity required a labour force of high
calibre, motivated and skilled enough to drive the transformational change
towards the robust, high-income growth path that the country envisioned.
He said Malaysia was never short of talented individuals but concerted
efforts were needed to nurture, develop and retain talent as well as attracting
talent, especially the nation's diaspora as the country embarked on developing
new high-growth areas.
"Building and managing a strong and robust talent pipeline is undoubtedly
challenging as the global competition for talent is getting more intense," he
said.
Nor Mohamed said as the government was shifting its role to be a facilitator
and more focused on the provision of a broader safety net.
"We will facilitate an ecosystem that inculcates private enterprise and
risk-taking which flourish best in a competitive and regulatory-friendly
environment, and rewarding those who invest and are competitive," he said.
The Economic Transformation Programme, therefore, would be private-sector
driven, with the government facilitating and more focusing on the provisioning
of a broader safety net, he said.
He said tradable sectors of the economy needed to be expanded, given the
country's small domestic economy.
"In particular, the export-oriented sectors will have to enhance
competitiveness, and take advantage of the fact that we are in the region where
future global growth will gravitate.
"At the same time, we need to develop our domestic-oriented industries to be
internationally-competitive," he said.
Therefore, the ability to adopt changes and seize opportunity was crucial in
ensuring further success as well as the ability to stay focused on accelerating
momentum of transformation, Nor Mohamed said.
will become the key determinants in transforming Malaysia into a high-income and
developed economy by 2020.
Minister in the Prime Minister Department, Nor Mohamed Yakcop, said
transformational change and not just incremental increases in productivity has
to be achieved through seizing the opportunities for innovation, creativity and
efficiency improvements.
"For productivity to become an important growth-driver, the quality of human
capital is of paramount importance as capital accumulation alone will no
longer be sufficient for Malaysia to make the transition," he said at the Kuala
Lumpur Malay Chamber of Commerce's Fellowship Dinner Talk here Wednesday.
Nor Mohamed said raising productivity required a labour force of high
calibre, motivated and skilled enough to drive the transformational change
towards the robust, high-income growth path that the country envisioned.
He said Malaysia was never short of talented individuals but concerted
efforts were needed to nurture, develop and retain talent as well as attracting
talent, especially the nation's diaspora as the country embarked on developing
new high-growth areas.
"Building and managing a strong and robust talent pipeline is undoubtedly
challenging as the global competition for talent is getting more intense," he
said.
Nor Mohamed said as the government was shifting its role to be a facilitator
and more focused on the provision of a broader safety net.
"We will facilitate an ecosystem that inculcates private enterprise and
risk-taking which flourish best in a competitive and regulatory-friendly
environment, and rewarding those who invest and are competitive," he said.
The Economic Transformation Programme, therefore, would be private-sector
driven, with the government facilitating and more focusing on the provisioning
of a broader safety net, he said.
He said tradable sectors of the economy needed to be expanded, given the
country's small domestic economy.
"In particular, the export-oriented sectors will have to enhance
competitiveness, and take advantage of the fact that we are in the region where
future global growth will gravitate.
"At the same time, we need to develop our domestic-oriented industries to be
internationally-competitive," he said.
Therefore, the ability to adopt changes and seize opportunity was crucial in
ensuring further success as well as the ability to stay focused on accelerating
momentum of transformation, Nor Mohamed said.
