KUALA LUMPUR, Oct 5 ― The restructuring of the business and industrial ecosystems is one of the seven strategic pillars contained in a book, Shared Prosperity Vision 2030 (WKB2030) published by the Ministry of Economic Affairs which outlined 14 proposed strategies to achieve advanced nation status.
Launched by Prime Minister Tun Mahathir Mohamad today, the WKB2030 book stated that while Malaysia’s economic growth is still strong and promising, there is still a lot of improvement to be made.
The book emphasised the importance of restructuring given the large gap existed between SMEs and local and multinational companies.
The gap that existed is related to the level of technology adoption and the ability to explore new industries and increasing productivity.
Among the 14 proposed strategies to address identified issues include strengthening the supply chain and developing SME vendors to drive SME growth; reviewing, rationalising and improving entrepreneurship development programs including helping Bumiputera companies become more competitive.
The strategy also includes identifying and mapping leading companies in high value-added business and industry supply chains to enable SMEs to venture into related downstream industries.
It also emphasises stronger cooperation between large companies and SMEs through industry cluster-based business associations by encouraging large companies to use inputs, products or services from SMEs; Increase the involvement of small enterprises in the digital economy that produces high value-added innovation and intellectual property;
Others include expanding high value-added manufacturing and service activities; develops a comprehensive program covering all levels of technology and automation in line with the Fourth Industrial Revolution (4IR) in the generation of innovations.
The strategic core also targets SMEs and micro-businesses to contribute 50 per cent to Gross Domestic Product (GDP); create 30 per cent of the total number of SME companies in the high technology field intensive in the manufacturing and services sub-sectors; at least 20 per cent of Bumiputera SMEs in each of the high technology-sensitive sub-sectors and Bumiputera SMEs contributing 20 per cent to GDP.
Meanwhile, the other six strategic pillars are the Key Economic Growth Activities (KEGA); Human Capital Transformation; Labor Market Strengthening & Increasing Workers' Compensation: Social Welfare; Regional Inclusion: and Social Capital. ― Bernama