Govt regulations need to be more agile to accommodate rapid changes

KUALA LUMPUR: The government's regulations need to be more agile inresponding to rapid changes to ensure that the country remains on the path of economic recovery and sustained growth.

Senior Minister cum International Trade and Industry (MITI) Minister Datuk Seri Mohamed Azmin Ali said regulatory frameworks must be designed to enable technological innovation, ensure open and nondiscriminatory business environments, protect consumers and workers, and tackle unintended consequences of disruptions.

"Sustainable productivity growth depends on productive capital, people and the workforce, thus, measures to reshape Malaysia's workforce to be more dynamic, agile and resilient are vital to reboot productivity," he said.

In his speech during the virtual official launch of the 'Productivity Report 2021- Boosting Productivity: Reset, Reform, Rebound' today, Mohamed Azmin noted that upskilling and reskilling programmes should be geared towards acquiring in-demand skills.

"With the National Investment Aspirations (NIA) being geared towards establishing Malaysia as a high-income nation and the primary destination for high tech and high impact industries, smart manufacturing and related services, our digital transformation process must also move in tandem," he said.

Mohamed Azmin said the country is already seeing the first fruits of the NIA, as approved investments in the manufacturing, services and primary sectors for the first quarter of 2021 surged 95.6 per cent year-on-year to RM80.6 billion.

He also noted that the National Recovery Plan (NRP) has outlined the roadmap of the recovery journey

"To put the country back on the recovery path under the NRP, Prime Minister Tan Sri Muhyiddin Yassin announced a RM150 billion package aimed at sustaining the earlier economic stimulus initiatives, supporting businesses and ramping up vaccinations," he said.

Mohamed Azmin said a total of RM600 million have been allocated to increase the country's vaccine supplies as well as the setting up of 29 more vaccination centres.

"Another RM150 million is allocated to facilitate the current MITI-led Public-Private Partnership COVID-19 Industry Immunisation Programme (PIKAS), focusing on the manufacturing sub-sectors that are key components of the supply chain of essential products and services.

"Protecting workers remains imperative as they constitute a critical component of the economic sector," he added.

-- BERNAMA