ID :
93209
Fri, 12/04/2009 - 16:42
Auther :
Shortlink :
https://oananews.org//node/93209
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PRIVATE SECTOR MAY FUEL ECONOMIC GROWTH NEXT YEAR, SAYS MSIAN PM
KUALA LUMPUR, Dec 4 (Bernama) -- The private sector may contribute the additional percentage to the country's expected economic growth next year, said Prime Minister Najib Tun Razak Thursday night.
He said while next year's economic growth was particularly ambitious in the
light of the 2010 Budget deficit, he believed the extra one or two per cent
could well come from the private sector.
Leveraging on this prediction would be the unveiling of the country's new
economic model in coming weeks that would help reshape Malaysia's
economic planning and activities, he said.
Since the Asian economic crisis, reduced private sector participation in
investing in growth sectors had warranted the government to bear an
unprecedented burden in stimulating the economy, he said.
" The private sector will be the backbone of the economy moving forward. We
need increased private sector investments which are now well below levels before
1997-98," said Najib, who is also Finance Minister, when speaking at the
Federation of Malaysia Manufacturers 41st annual dinner.
More specifically, the Prime Minister asked the manufacturing sector to
improve innovation and actively explore opportunities to develop new product and
service areas.
" The manufacturing sector must alter its game plan in order to stay
competitive, both regionally and globally. It will remain vital to Malaysia's
economy and holds the key for our nation's march to ever-higher levels of
prosperity," he said.
In the manufacturing industries, Najib said continued investments in
innovation, productivity and information technology would help the country break
free from its traditional low-wage business models.
As manufacturing would continue to be the foundation to Malaysia's economy,
the sector must be aligned with the evolving business environment, he said.
In addition to investments in higher technology and value-added products,
the Prime Minister said a highly-skilled workforce proficient in new
technologies must also be developed.
For this, he asked the private sector to ensure the workforce received
continued on-the-job training to help them evolve with increasing demands for
the global workplace.
" The growth and development of the manufacturing sector are critical to
Malaysia's future success and prosperity, and we want the sector to be able to
thrive in the global marketplace," he said.
The public sector would play its role in supporting the private sector by
focusing on regulatory reforms to eliminate gaps and overlaps, more transparency
and improved coordination among relevant government agencies, he said.
Najib said he would be meeting FMM members, movers and shakers of the
private sector to know what could be done to help them increase private
investments.
" The country sorely needs to increase private investments which have
affected the manufacturing sector in particular," he added.
-- BERNAMA
He said while next year's economic growth was particularly ambitious in the
light of the 2010 Budget deficit, he believed the extra one or two per cent
could well come from the private sector.
Leveraging on this prediction would be the unveiling of the country's new
economic model in coming weeks that would help reshape Malaysia's
economic planning and activities, he said.
Since the Asian economic crisis, reduced private sector participation in
investing in growth sectors had warranted the government to bear an
unprecedented burden in stimulating the economy, he said.
" The private sector will be the backbone of the economy moving forward. We
need increased private sector investments which are now well below levels before
1997-98," said Najib, who is also Finance Minister, when speaking at the
Federation of Malaysia Manufacturers 41st annual dinner.
More specifically, the Prime Minister asked the manufacturing sector to
improve innovation and actively explore opportunities to develop new product and
service areas.
" The manufacturing sector must alter its game plan in order to stay
competitive, both regionally and globally. It will remain vital to Malaysia's
economy and holds the key for our nation's march to ever-higher levels of
prosperity," he said.
In the manufacturing industries, Najib said continued investments in
innovation, productivity and information technology would help the country break
free from its traditional low-wage business models.
As manufacturing would continue to be the foundation to Malaysia's economy,
the sector must be aligned with the evolving business environment, he said.
In addition to investments in higher technology and value-added products,
the Prime Minister said a highly-skilled workforce proficient in new
technologies must also be developed.
For this, he asked the private sector to ensure the workforce received
continued on-the-job training to help them evolve with increasing demands for
the global workplace.
" The growth and development of the manufacturing sector are critical to
Malaysia's future success and prosperity, and we want the sector to be able to
thrive in the global marketplace," he said.
The public sector would play its role in supporting the private sector by
focusing on regulatory reforms to eliminate gaps and overlaps, more transparency
and improved coordination among relevant government agencies, he said.
Najib said he would be meeting FMM members, movers and shakers of the
private sector to know what could be done to help them increase private
investments.
" The country sorely needs to increase private investments which have
affected the manufacturing sector in particular," he added.
-- BERNAMA
