DPM: Aggressive measures key to Malaysia breaking out of ‘middle economy’ trap

KUCHING (April 7): Malaysia’s economic position is seen as ‘somewhat stagnant’, being trapped in the middle economy.

This was stated by Deputy Prime Minister Datuk Amar Fadillah Yusof, who noted that the country had yet to transition into the higher-level economic status.

In this regard, he stressed the need for a more aggressive push towards growth driven by knowledge, skills and innovation.

“We must understand, we must internalise, and finally we must transform it into action on a large scale.

“If we look at our country’s economic position, we can say it is somewhat stagnant. We are still trapped in the middle-income economy,” said the Petra Jaya MP in officiating the ‘Jihad Business Congress’ at the Mutiara multipurpose hall here on Monday.

According to him, both federal and state governments are now focusing on strategies to elevate the economy, with emphasis on building a more skilled and capable workforce.

“At the federal level, we have the ‘Ekonomi Madani’, while at the state level, it is the Post Covid-19 Development Strategy (PCDS) 2030.

“All of these outline the direction of the nation as well as the state,” he said, also stressing that the foundation of this transformation was in knowledge and skills.

“Our people must master knowledge and skills.

“That is why Sarawak focuses on providing free education in state-owned universities for Sarawakians to explore critical fields such as science, technology and mathematics, where we can become creators, no longer just users.”

Fadillah also pointed out that Malaysia still relied heavily on imports, including in critical sectors such as food supply.

“This is an opportunity for us to build the local economy so that we would not continue to channel our money outside.

“Instead, the money stays in the country to develop not only our infrastructure, but also our society,” he said.

On the Jihad Business Congress, Fadillah hailed the initiative organised by the Malaysian Islamic Chamber of Commerce (DPIM) as holding a significant role in cultivating the right mindset in the local entrepreneurs and also the wider community.

“The effort must begin with ourselves – equipping ourselves with knowledge, skills and the right attitude.

“This is part of our struggle in uplifting our community and strengthening the nation’s economy,” he said, also hoping that the congress would serve as a platform to encourage collaboration, innovation and proactive participation among the participants in driving economic growth.