Kuala lumpur: Malaysia needs to shift to a value creation-based economy by increasing economic diversification in order to raise the ceiling of national growth, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. Amir Hamzah, who is also carrying out the duties and functions of the economy minister, said the focus will be on high-value technology and innovation-based sectors and industries.
According to BERNAMA News Agency, Amir Hamzah highlighted that this transition will cultivate a culture of creation, aligning with the aspiration to position Malaysia as a leading producer of consumer products for export worldwide. He indicated that this shift represents a movement from the concept of ‘Made in Malaysia’ to ‘Made by Malaysia,’ a sentiment he expressed while winding up the debate on the 13th Malaysia Plan (13MP) in the Dewan Rakyat.
Amir Hamzah noted that priority will be given to boosting high-growth, high-value (HGHV) industries, including high-value electrical and electronics industries, particularly semiconductors, energy transition, and technology and digital industries. This strategy is aligned with the New Industrial Master Plan, the National Energy Transition Roadmap, and the National Semiconductor Strategy.
Additionally, he mentioned that the agri-food and agro-commodity subsectors will be enhanced to ensure food security and reduce imports. Rare earth elements, the green economy, the blue economy, as well as carbon capture, utilisation and storage (CCUS) initiatives will serve as new sources of economic growth.
Amir Hamzah also stated that the development of high-impact strategic sectors will concentrate on strengthening the tourism sector, halal industry, and orange economy. Concurrently, the air transport industry, global and financial services, distributive trade, logistics, and sports will receive further enhancement.
To foster the growth of these sectors and industries, Amir Hamzah explained that the support ecosystem will be improved through stronger policies and governance, provision of incentives and financing, as well as infrastructure development. This approach aims to support quality investments and industrial scaling.