Malaysia confident of achieving high-income economic status within five years - Tengku Zafrul

KUALA LUMPUR: Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz is confident that Malaysia is on the right track to achieve high-income economic status within five years.

He said Malaysia had undergone many changes in terms of economic structure and was now among the major producers of semiconductors, electrical goods, as well as the largest global producer of rubber gloves.

He added that Malaysia's success and experience as the fastest country to change its status from low to middle income in the modern economic era, is believed to be able to lead the country in achieving its status, despite the COVID-19 crisis.

“Based on that spirit, it is important for the government to look back, not only at the speed of Malaysia's growth but also inclusiveness and sustainability. For example, we need to ensure equal opportunities for all Malaysians, provide mobility opportunities, and incentives for the people to stay and work in Malaysia.

"Greater resources need to be invested in developing high-quality human capital, and overseeing higher economic opportunities, especially for women," she added.

He said this while speaking in conjunction with the presentation of the ‘World Bank Report: Aiming High - Navigating the Next Stage of Malaysia’s Development’, online, today.

Commenting further, Tengku Zafrul said, the country will focus on six priorities for 2021, in an effort to revive the country's economy and improve the well-being of the people.

The six priorities, he said, were creation of job opportunities; assistance to severely affected citizens; digitisation; as well as re-evaluating the role of government-linked companies (GLCs), and government-linked investment companies (GLICs).

In addition, Malaysia will also focus on empowering small and medium enterprises (SMEs); as well as high-impact development projects to revive the economy.

"Looking back at how we changed from a tin and rubber exporting country to a country that practices an open economy and diversity, I am very confident we can continue to raise our targets, and look forward with optimism," he added.