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C4IR to accelerate technology usage, ensure more equitable, inclusive and sustainable growth

27/05/2022 07:45 PM

KUALA LUMPUR, May 27 (Bernama) -- The Centre for the Fourth Industrial Revolution (C4IR) will help accelerate the adoption of technologies that guarantee more equitable, inclusive and sustainable growth once the economy recovers from the COVID-19 pandemic.

According to the 96th People’s Financial Report released today, C4IR, an independent centre within the World Economic Forum (WEF), would support the achievement of the country’s overarching vision under its 4IR Policy launched in 2021 as well as the Malaysia Digital Economy Blueprint.

“The establishment of this centre, the first in Southeast Asia, shows the government’s commitment towards prioritising technology as a key catalyst for economic growth and post-pandemic recovery as well as supporting its aspiration to be a regional leader in the digital economy,” it said.

The report said that once established, the C4IR would be managed by the Economic Planning Unit in the Prime Minister’s Department with programmes to be crafted and implemented in collaboration with the Ministry of Finance (MOF), Ministry of Communications and Multimedia as well as Ministry of Science, Technology and Innovation.

It said the WEF would also continue to play a collaborative role in the operationalisation of the C4IR.

Meanwhile, the report said the government is determined to ensure that any short-term solution to the COVID-19 pandemic effects would also have long-term impacts.

It said the COVID -19 pandemic provided an opportunity for Malaysia to readjust the economy and the country needs to capitalise on this by addressing short-term economic issues and at the same time, addressing long-term issues under three principles namely responsive, responsible and reformist.

“Due to the COVID-19 pandemic, many countries and governments have to focus on short-term needs and at times, this means future development and structural reforms have to be sacrificed,” it said.

It said in shaping public acceptance of government policies, MoF has always emphasised that policies that bring long-term benefits might have negative impacts in the short-term.

The report said since 2020, the ministry has always focused on medium and long-term reforms based on environmental, social and governance (ESG) and sustainable development goals (SDG) principles during the launching of various COVID-19 stimulus packages and even the annual budgets.

“The main objective is to strengthen socio-economic and fiscal resilience as well as better rebuild. A long-term outlook is important to help our country build resilience and recover faster if another crisis occurs,” it added.

Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz previously announced that C4IR will be officiated by Prime Minister Datuk Seri Ismail Sabri Yaakob in the second half of 2022.

The People’s Financial Report is a rebranding of the Laksana (the Unit for the Implementation and Coordination of National Agencies on the Economic Stimulus Package) report published by the MoF on a weekly basis since April 2020.



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