Wednesday March 31, 2010
THERE are eight key sectors that have been identified for inclusion in the National Key Economic Activities (NKEA) as they have the potential to thrive as the country moves into the high-income bracket.
Prime Minister Datuk Seri Najib Tun Razak said the National Economic Advisory Council (NEAC), with input from the private sector, had identified key sectors that could lead in generating high growth rates.
“I am committed to undertake a thorough consultation process with all the stakeholders, and ensure the NKEA will be selected based on Malaysia’s best interests.
“The NEAC will work with Pemandu (Performance Management & Delivery Unit) to develop the NKEAs.
“They will consult the Rakyat and all other stakeholders and when the 10th Malaysia Plan is unveiled together with the NKEAs, a special Economic Delivery Unit will be also established to spearhead the reform process and finalise and implement the NKEAs,” he said in his keynote address at Invest Malaysia 2010 yesterday.
The eight sectors are electrical and electronics (E&E), palm oil, oil and gas (O&G), tourism, high-value agriculture, green technology, financial services and information technology.
Najib said in the E&E sector, Malaysia could leverage its early mover advantage.
“Building on a strong foundation, Malaysia’s future in this sector must be focused not only in manufacturing but in research and development and design, where Malaysian companies are driving innovation rather than simply importing it.
“Among the measures we must consider are incentives for high-value research and support for small and medium enterprises supplying larger firms,” he said.
Najib said resource based industries in the palm oil and O&G sectors must continue to be emphasised.
“In the palm oil sector, strengthening research initiatives should lead to indigenous technology that better meets market demand, such as healthy fats and oils, biofuel from biomass, cosmetics and bio-degradable plastics.
“And in O&G, we have one of our nation’s most visible and valued champions in Petronas.
“It has built a strong brand internationally, and I believe now we must also help drive growth here in Malaysia with even greater support for local suppliers as it (Petronas) grows.
“Beyond the core O&G sector, however, Malaysia’s international energy expertise can help companies in this industry and beyond expand internationally by sharing its know-how, partnering on international bids and offering support on a truly global scale,” he said.
Najib said Malaysia also had the potential to take the leadership role in green technology and develop a niche in high value green industries and services.
On the financial services industry, he said as a world leader in Islamic finance, capital market and takaful, Malaysia had the potential to become a hub for integrated Islamic financial services.