Malaysia set to become developed nation before 2020

Malaysia is set to become a developed nation before 2020, Datuk Seri Najib Tun Razak said.

The Prime Minister said this was due to the resilient national economy which recorded a 5.6% growth last year, with growth stemming from a robust investment pipeline and healthy expansion in domestic consumption.

Sharing Malaysia’s economic outlook with participants of the 17th Asia Oil and Gas conference here yesterday, Najib said the country also experienced low unemployment and inflation rates while in­­terest rates were stable and investments recorded a steady growth.

He said these healthy fundamentals were reinforced by international surveys like that of the World Bank which ranked Malaysia the 12th best country to do business.

“These results reflect investor confidence in the Government’s economic stewardship. Based on current projections and barring unforeseen circumstances, we are set to achieve our development target ahead of schedule,” he said.

The Prime Minister stressed that further liberalisation of the econo­­­-my would be critical to sustain investor interest and build home-grown companies that could compete on the world stage, adding that more must also be done to increase the participation of women at the workplace, rationalise subsidies and recognise high performers in society.

“As we shift our economy towards services, we must also work to ensure a more equitable share in the nation’s prosperity for all citizens.”

Najib told the oil and gas industry players that world economies, including Malaysia, must see how their governments could work with the energy industry for greater growth and development.

He said it was possible that the world’s biggest energy consumer would become an exporter and clean energy technologies would change the power market.

“The question then is, what this shift means for countries like Malaysia?

“I believe there are two main areas of opportunity – to ensure stability and to develop a knowledge-based economy,” he said, adding that Malaysia had managed to record impressive economic growth.

“Whether in established producer states or at the new frontiers of unconventional energy, strong governance and accountability should be the preconditions when doing energy business.”

Najib said the creation of a knowledge-based economy would result in having a skilled and experienced workforce to serve both the nation and industry.

Source: The Star