Malaysia Must Shift To ‘Made By Malaysia’ Model To Sustain Growth - Steven Sim

KUALA LUMPUR, Aug 28 (Bernama) -- Malaysia must shift from a “made in Malaysia” to a “made by Malaysia” economic model to sustain growth and remain competitive amid rising global protectionism and fierce economic rivalries, says Human Resource Minister Steven Sim Chee Keong.

In this regard, he said the MADANI government’s focus under the 13th Malaysia Plan (13MP) would be on building homegrown capabilities in high-tech, high-growth and high-value industries such as semiconductors, artificial intelligence and high-value services.

“One important component of the Prime Minister’s speech that perhaps many people missed out, because all of us were focused on the RM611 billion, all the statistics and the numbers, is the Prime Minister's aspiration to move us from a made in Malaysia economic model to a made by Malaysia economic model. Where we focus on high-value sectors and homegrown entrepreneurs like all of you,” he said.

He said this in his speech at the Pinnacle of Success Business Award here today, attended by His Highness Tengku Ahmad Ismail Mu’adzam Shah, the third son of the Sultan of Pahang, Al-Sultan Abdullah Riayatuddin Al-Mustaffa Billah Shah. 

Sim stressed that Malaysia’s previous growth model may not be sufficient to secure long-term economic resilience in the face of global challenges such as trade barriers, tariffs and geopolitical competition.

He added that Malaysia must move beyond its reliance on being a low-cost investment destination and transition from a “buy cheap and sell cheap model” to one centred on developing homegrown value and innovation.

“I call it 4T. We need the 4T, homegrown 4T. The first T is talent. The second T is technology. The third T are things, products and services. And the fourth T is our trademark, our brands, our patents,” he said.

Sim emphasised that achieving sustainable economic success required a more human-centric and humane business model that prioritised workers, people, the environment and society as a whole.

Under the 13MP, Prime Minister Datuk Seri Anwar Ibrahim announced a projected allocation of up to RM611 billion from both the government and private sector over the next five years, with the aim of creating at least 1.2 million high-paying, high-skilled jobs and achieving a national income per capita of RM77,000.

Sim said Malaysia had shown encouraging progress, noting improvements in the global competitiveness ranking and steady economic growth despite multiple global crises, but warned that the nation must innovate to avoid economic stagnation.

“Today, you are at the pinnacle of success. But if this is the pinnacle, then it means the next step is to go downhill. I think all of us do not want that. How do we continue to move from one height to another in the next 50 years? We need to change,” he said. 

-- BERNAMA