DAT will accelerate Malaysia's high-income nation target - World Bank

World Bank Country Director for the Philippines, Malaysia and Brunei, Dr Zafer Mustafaoglu said the World Bank has engaged with the Ministry of Economy on the matter and has prepared a report on the integration and adoption of digital technology into agriculture.

"We have finalised the report and we expect to continue working on this and discuss the next steps," Mustafaoglu said after the launch of the latest Malaysia Economic Monitor report, entitled "Farming the Future: Harvesting Malaysia's Agricultural Resilience through Digital Technologies" here today.

He said this in response to a query from the media on the World Bank's engagements with the Malaysian government to expedite technology adoption in the agriculture sector.

The report said DATs could drive economic growth by boosting productivity in the country's structurally critical agriculture sector, through technologies such as the Global Positioning System, drones, and sensors.

It also highlighted the recent rebound in the agriculture sector, which grew by 7.2 percent in the second quarter this year.

This aligns with Malaysia's positive economic outlook, with a projected overall economic growth of 4.9 percent in 2024, up from 3.7 percent in 2023, it said.

Mustafaoglu said the Malaysian government is eager to embrace technology in agriculture, recognising it as a key sector for the future.

Among other things, the report outlined specific actions to ensure the rural economy and agrofood sectors benefit fully from DATs, including increased funding for public goods to provide the necessary resources for effective DAT implementation and greater investment in the innovation ecosystem to foster development and encourage innovation in DATs.

-- BERNAMA