SEREMBAN – Malaysia is on track to achieve a top 12 ranking in the Global Competitiveness Index within 10 years, as outlined in the Madani Economy: Empowering People framework.
Deputy Finance Minister II Steven Sim said that despite an ailing global economy, Malaysia recorded an economic growth rate of 4.2% for the first half of the year.
“We were ranked 32nd on the Global Competitiveness Index in 2022, but this year, after six months of hard work, the unity government, civil servants, the private sector, and the people managed to rise to the 27th spot on the index.
“We should be encouraged and motivated that the country is on the right track as Malaysia was once among the greatest in the world in terms of competitiveness, so our goal is to be in the top 12 in the world, which is equivalent to developing and developed countries like China and Singapore,” he said today during the 2024 Budget Roadshow in Negri Sembilan.
Also present was senior member of the Negri Sembilan state executive council Datuk Seri Jalaluddin Alias.
Sim said that in the past two months, apart from the Madani economic framework, the government also launched several other plans, such as the National Energy Transition Roadmap, which is estimated to bring business opportunities of up to RM1.58 trillion by 2050.
He also said that aspects of public infrastructure, including roads, hospitals, and school facilities, were raised by the state government and will be highlighted by the federal government in next month’s tabling of Budget 2024.
“Indeed, starting with Budget 2023, the federal government has focused on ensuring that the basic facilities are in the best condition,” Sim said.
He noted that the government will also help companies simplify their businesses and, at the same time, empower workers’ skills, thus increasing productivity.
“Employers have to make a profit and provide decent wages to employees so that talent and skills are not lost to other companies, including foreign companies,” he said. – September 12, 2023