KUALA LUMPUR, February 11 – Malaysia must get out of the middle-income trap after being in the trap for more than two decades as classified by the World Bank, said Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi. Ahmad Zahid said, the fact is that if Malaysia fails to increase its competitive advantage and attractiveness as an investment center, then its competitors will continue to progress thus affecting the prosperity of the country and the well-being of ordinary people.
He said, the government is committed to creating an economic environment in Malaysia that allows the people to develop their potential with each Malaysian being able to fulfill their potential when entrepreneurs and entrepreneurial spirit are very important. “Towards achieving this target, the government will continue to work to reduce the red tape that prevents businesses and entrepreneurs from making a profit, paying their fair share of taxes, and creating quality jobs is a good thing, it must be simplified at all levels of government whether Federal, state or local.
“There needs to be a continuous mindset shift that the private sector is the main engine of the country’s growth, it must continue to prosper the country and progress. Malaysia must get out of the middle-income trap we are facing now and take its rightful place as a high-income country in the next five years ,” he said. Ahmad Zahid said this when officiating a seminar organized by MarkPlus Institute ASEAN entitled “Entrepreneurial Marketing: How to Grow your Business Post-Pandemic”, here today.
Ahmad Zahid said that in the past three years, Malaysia has seen how businesses had to face various global challenges including the bitter experience during the COVID-19 pandemic. He said moving forward after the pandemic, technology is still the single most important factor that continues to change the socioeconomic landscape and influence consumer choices, as well as the human factor. The true value of technology, in the end, still depends on the human factor.
Yes, it is true that to a certain extent the use of technology does indeed help businesses to grow and make profits, but it has its limits because in the final analysis, the people and talent behind the applications, machines and processes that determine the level of success. “But in this age of technology, to achieve optimal results, people and technology must continue to be used more efficiently and smoothly. This is important for any organization not only to survive but to continue to thrive,” he said.
