All Factors Inhibiting 4IR Empowerment Towards Economic Growth Need To Be Dismantled, Says Economy Minister

There exist certain hurdles within the economy which increases the cost of doing business in Malaysia and these need to be done away with to ensure the Malaysian economy progresses smoothly towards the Fourth Industrial Revolution (4IR) practices, said Minister of Economy Rafizi Ramli today (Feb 10).

The government is looking into reducing red tape, approval processes and other hurdles which the various industries are subject to as these elevates the cost factors. The government has to remove these teething problems or inefficiencies before businesses can progress towards 4!R, he said, adding, the efforts of the various ministries now is to remove or reduce the impact of these issues to enable the economy to move forward, in end reducing costs for businesses to be more competitive both locally as well as in the global market.

Speaking to newsmen after kicking-off the ‘Strategic Dialogue Focusing On Economic Empowerment of the Industry To Drive The Era of Fourth Industrial Revolution (41R)’ today, Rafizi said the joint strategic dialogue focusing on economic  empowerment was convened under efforts to listen and gather views, comments or feedback on various different and significant aspects that can be considered in policy formulation, strategy implementation, economic development initiatives, to develop a range of programs and projects to empower local industries to drive economic growth under 4IR.

The response will strengthen the function of the Ministry of Economy, (formerly known as the Economic Planning Unit) and the Prime Minister’s Department which has gone to the grassroot level to listen and gather views, comments and feedback in collaboration with stakeholders such as the MyDIGITAL Corporation.

The main purpose is to get input and a real overview of the issues that need to be taken into account in drafting the upcoming National Long-Term Development Plan including the Half-Term Review of the Twelfth Malaysia Plan (KSP 12th RMK), 2021-2025 which was launched on 6 December 2022 which then, he said.

Rafizi added these will help draw up scenario planning through views that will be expressed during the dialogue session; and foster close relationships ailing with  creating opportunities for constant interaction between the Ministry of Economy and stakeholders on matters related to the development of the national economy.

The participation consists of various stakeholders from the public and private sectors, especially industry associations and industry players as well as Micro, Small and Medium Enterprises (MSMEs).

The Economy Ministry will spearhead these sessions which will be held regularly across all states in Malaysia. These sessions will allow the private sector to express any views and issues under the focus of moving towards greater industrial empowerment to drive economic growth in the era of 41R.

As a newly established ministry, the Ministry of Economy intends to take a different approach in an effort to improve the role that the Government is responsible for in planning and formulating policies, strategies and programs to increase productivity and ensure that Malaysia remains on track to become a nation, he said.

The minister said under the aim of speeding up and facilitating business and industry affairs between the government and the private sector, the Business Facilitation Special Task Force (Pemudah) platform will be re-implemented. The economy minister said the joint platform is also able to solve business processes and procedures at the government level.

The platform, started about 15 years ago, had many achievements. “I have informed industry representatives that the facilitation platform will be put in effect, co-chaired by me as the Minister of Economy and the Chief Secretary to the Government Tan Sri Mohd. Zuki Ali to accelerate our efforts to make Malaysia a business-friendly destination which attracts a high rate of investments and market competitiveness,” he said.

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