The much anticipated New Economic Model, to be launched at the end of the month by the Prime Minister will focus on the services sector. The plan is to increase its contribution to the GDP to 60% by 2015. How will this be done ?
The first of many steps include:
- Liberalising the services sector
- Strengthening the capacity and capability of local service providers
- Raising the skills levels of Malaysian workers
- Creating a conducive business environment for investors
- Reviewing domestic regulations that hinder investments
- Assisting export ready Malaysian companies to break into foreign markets
Ultimately, all sectors will need to work in tandem. Together, we can work towards reducing our dependence on low skilled labour and building more technology-intensive businesses that create greater value-added products.
All this will put Malaysia on course to achieving high income nation status.