Govt should realign focus to stimulate domestic investments: DOSM

The time is ripe for Malaysia to realign its focus towards stimulating domestic investments by encouraging local businesses to invest in high potential industries such as healthcare, medical supplies and pharmaceuticals, as well as the information and communications technology-related industry, according to the Statistics Department.

Chief statistician Datuk Seri Mohd Uzir Mahidin said additionally, emphasis should be given to restore tourism-related industries -- encompassing accommodation and food and beverages -- by boosting investments in these areas.

"Tourism is an important sector that accounts for 23.5 per cent of the national workforce, contributing 15.2 per cent to the economy.

"Thus, a helping hand should be provided to ease the predicaments faced by the sector during these trying times to help them flourish again," he said in a virtual press conference on the Malaysian Economic Statistics Review Volume 2/2020 today.

While international tourism activities might not resume anytime soon, a lot of innovative measures can be undertaken to revive the domestic tourism sector and restore it to its former glory, he said.

Mohd Uzir added that overall, all efforts should be geared towards restoring the confidence of doing business in Malaysia to enable a swift economic recovery.

-- BERNAMA