SPV 2030: High value workers, SMI dominance to build nation’s economic resilience

The ‘Shared Prosperity Vision 2030’ book is launched by Prime Minister Tun Dr Mahathir Mohamad in Kuala Lumpur October 5, 2019. ― Picture by Hari Anggara
The ‘Shared Prosperity Vision 2030’ book is launched by Prime Minister Tun Dr Mahathir Mohamad in Kuala Lumpur October 5, 2019. ― Picture by Hari Anggara

KUALA LUMPUR, Oct 5 ― The creation of high-value employment, the reduction of low skilled labour and an increase in automation are among efforts to be taken to achieve the guiding principles of the Shared Prosperity Vision 2030 (WKB2030).

According to the WKB2030 vision launched by Prime Minister Tun Dr Mahathir Mohamad here today, emphasis will also be given for Malaysian brands to penetrate the global market, particularly Asean, and dominance in new industries by Small and Medium Industries (SMIs).

Also to be emphasised are providing added value on local companies’ supply chains, especially the SMIs and the implementation of sustainable development models including production capabilities, intellectual property ownership and doubling the contributions of SMEs.

"The main aim of the guiding principles is to build economic resilience to weather global uncertainties that influence market prices, demand and supply.

“Besides this, geopolitical instability can create external shocks that need to be dealt with without affecting economic growth,” the document on the vision said.

The approach for the Success Equality Guiding Principles, meanwhile, aims for equality in the  median income ratio based on merit and profesisonalism as well as corporate management based on ethnic group population ratio.

"There are community groups such as the poor, non-Malay Bumiputera and rural communities that have not benefited from the New Economic Policy as how it was hoped for.

“This affirmative action was also seen as not reasonable as it sidelined merit and capabilities of other groups and said to favour certain groups only, especially those who took advantage to profit through easy and quick methods.

"WKB2030 which emphasises on equal success compared to equal opportunities will allow the people to enjoy the fruits of development and wealth distribution,” the document added. ― Bernama

Related Articles