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CLICK TO ENLARGEPETALING JAYA: Well planned growth strategies – medium and long-term ones – should be adopted for corporate Malaysia to remain competitive and ensure economic sustainability while taking cognisance of the Covid-19 threat.

Despite 95% of the adult population fully vaccinated, new Covid-19 cases are on the uptrend and this could throw the spanner in the works and hamper economic growth targets and initiatives.

Economists concurred that growth strategies should spur, among others, consumer, investor and business confidence to sustain recovery and steer economic trajectory.

At the same time, they opined that managing the Covid-19 threat and ensuring long-term economic growth should go hand in hand.

Sunway University Business School professor of economics Yeah Kim Leng said an investment-centred strategic thrust, comprising strategies to attract domestic and foreign direct investment, could be developed to focus on opportunities arising from three key developments.Managing pandemic

“First is the post-pandemic reconfiguration of global supply chains where Malaysia can be in a better position to attract investments from the United States, China and Europe and countries within the Asian region.

“Second, the vast global investment funds available for investment in ESG (environment, social and governance) and SDG-related (United Nations 2030 Sustainable Development Goals) activities.

“The third area covers domestic and foreign investment opportunities arising from regional trade agreements such as the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” he said.

The second mid-to-long term growth thrust is centred on accelerating productivity and development of research, technological and innovation capabilities, he noted.

Yeah said key strategies include aligning the education system to better match industry needs in addition to closing the skills gap between Malaysian workers and those in more advanced economies such as South Korea, Taiwan and Singapore.Sunway University Business School professor of economics Yeah Kim Leng

Although strategies to foster closer industry-university-government collaboration to push the country’s technological frontier are already in place, he said there is a need for more effective and follow-through implementation strategies.

The third suggested strategy focus is a comprehensive review of the involvement of the government in the economy, especially pertaining to the role of government-linked companies (GLCs) and state-owned enterprises.


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