Malaysia Places Great Importance On Digital Economy, Bioeconomy

From D. Arul Rajoo NEW DELHI, April 4 (Bernama) -- Malaysia places great importance in the development of its digital economy and bioeconomy as they were essential components of current and future economic growth. Speaking at the seventh Global Science and Innovation Advisory Council (GSIAC) Annual Meeting here Monday, Malaysian Prime Minister Najib Tun Razak said this year's GSIAC theme would focus on accelerating the digital economy and bioeconomy. Both high technologies were extremely innovative and had strong growth trajectory in India, adding that Indian companies also had a strong presence and investment in Malaysia, he said. Najib told the GSIAC members that he recently launched the first Digital Free Trade Zone (DFTZ) in the world, outside China. "Partnering with e-commerce giant Alibaba in the initial phase, the DFTZ will merge physical and virtual zones, with additional online and digital services to facilitate international e-commerce and invigorate internet-based innovation," said the prime minister, who is making a six-day official visit to India. According to Najib, bioeconomy too, is an area that Malaysia feels has enormous potential, given its abundance of natural resources and the importance of agriculture and agro-based industries to the country's economy and people. Najib believed that by convening the GSIAC in India, with the participation of leading academicians, thinkers and captains of industry, it could provide important insights towards accelerating developments in the digital economy and bioeconomy for Malaysia. Based on several economic statistics and reports that showed Malaysia's enormous growth in various fields despite ongoing challenges, he said he was confident the nation was on track to achieve its goal of becoming a high-income nation within the next few years. "What we must do is to always be prepared for changing conditions and external shocks that are beyond our control. We must maintain our forward momentum," he added. GSIAC was established and convened for the first time on May 17, 2011 in New York as Malaysia recognised the need to intensify domestic and international networks for research collaboration, strategic partnerships and business relationships. -- BERNAMA