Malaysia should start thinking about creating synergy between the state government, private sector and technology, which would allow for much more technology acquisition into the government system.
According to Deputy Investment, Trade and Industry Minister Liew Chin Tong, the semiconductor industry is one area the government focuses on.
“We want to see Malaysia (involved) in outsourced semiconductor assembly and test (OSAT), and move up in the supply chain to become, at the least, an indispensable middle (party).
“We may not be able to provide and create technology like the United States, China, Japan, Korea or Taiwan, but we want to occupy a space just below that,” he said.
Liew also explained that Malaysia can occupy an indispensable middle in the supply chain, particularly in the semiconductor supply chain and the country should be creating a lot more intellectual properties (IPs) and develop much more Malaysian-made technology in the years to come.
“So we need an industrial policy. We cannot just go by neoliberal ideas that the market knows everything. And we also need a more useful state, a government that provides public services for the people,” he added.
Meanwhile, UN Sustainable Development Solutions Network Asia Headquarters distinguished fellow at Sunway University – who is also a former Malaysian Finance Minister – Datuk Seri Mustapa Mohamed said there are several challenges in achieving the MADANI objective.
“Currently, we are ranked 36th among the world’s largest economies. Our target is to be in the top 30 within 10 years. To reach this goal, some analysts believe that we would need to grow at least 2% higher than our current rate, which is undeniably a tall order,” he continued.
While having a big vision and agenda is essential, Mustapa said the government should also pay attention to the smaller everyday matters.
“For us to become one of the top 30 economies in the world, we need to achieve a growth rate exceeding 5%. It’s not rocket science, but it requires consistent effort and sustainable fiscal stability. Enduring a budget surplus annually should remain a key focus.
“Addressing the big picture is crucial, but moving forward, economic management must also pay attention to bread-and-butter issues that directly affect people’s lives. While we cannot make everyone happy, we must strive to improve the well-being of as many people as possible,” he said.
Citing an example of the recent issues surrounding medical insurance, Mustapa said the matter highlighted the need for policies that are not only sustainable but also inclusive.
“It is critical for us, as a country, to ensure that economic growth benefits all levels of society. While we have made significant progress in addressing hardcore poverty. There are still many poor people who need assistance.
“Economic management, therefore, is not just about big-picture goals – it’s about addressing the cost of living and ensuring that the smaller day-to-day issues are not overlooked,” he added.
