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The upcoming New Industrial Master Plan 2030 (NIMP2030) has identified missions that can be applied across all sectors to support sustainable productivity, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
He said these missions included increasing economic complexity, ensuring a digitally vibrant nation, pushing for net zero emissions, and ensuring economic security and inclusivity.
"The ministry and its agencies, particularly the Malaysia Productivity Corporation (MPC), will look to increase productivity in investment, industry and export sectors to support Malaysia's gross domestic product growth, underscored by environmental, social and corporate governance (ESG), and sustainability considerations."
He said this in his speech at the launch of the Productivity Report 2023 (PR2023) here yesterday.
Tengku Zafrul said boosting Malaysia's sustainable productivity and competitiveness required smart collaboration and cross-synergies among federal, state and local governments, as well as businesses, academia and civil society.
These efforts will be complemented by NIMP2030's productivity multipliers and enablers, including increasing the ease of doing business, technology adoption and talent development.
"Further, through collaboration with IMD Partner Institute as well as stakeholders, the MPC will implement and monitor productivity and competitiveness initiatives.
"It is this whole-of-nation approach that will move the productivity needle faster, improve our future competitiveness rankings, and, more importantly, boost the economy for the people's wellbeing."
The 12th Malaysia Plan (12MP) targets Malaysia's productivity to grow at an average of 3.6 per cent annually throughout the 12MP duration, with value added per employment at RM106,060 in 2025.
Meanwhile, Tengku Zafrul said Malaysia's productivity growth in 2023 was expected to be moderate at three per cent amid challenges in domestic and global economies.
He said more needed to be done to boost Malaysia's productivity and competitiveness to improve the economy.
"Under the Madani Economy framework, one of the seven targets to be achieved is for Malaysia to be listed in the top 12 in the World Competitiveness Ranking.
"This also implies that our productivity growth is not transformative enough to lift the country out of the middle-income trap economy sooner."
He added that productivity could be improved by the public and private sectors prioritising employees' wellbeing and supporting a decent standard of living for them.
"When this happens, it is much easier to enhance employee performance and profits, which in turn makes it easier to achieve sustainable productivity.
"All of this means that the Investment, Trade, and Industry Ministry and its agencies have a monumental task.
"I am confident, however, that all of us are up to the task and committed to achieving those Madani Economy targets."
PR2023, themed "Sustainable Productivity" and launched by the MPC, provides details of Malaysia's productivity agenda.
MPC chairman Datuk Kamaruzzaman Johari said the MPC was committed to amplifying productivity improvement initiatives by focusing on talent, technology and regulations.
"MPC's efforts encompass a broad, far-reaching approach.
"Its macro-level interventions, policy recommendations and framework are curated to enable a productivity-enhanced business environment."
PR2023 noted Malaysia's commendable productivity, as well as competitiveness, which climbed five places to the 27th in the World Competitiveness Ranking 2023 by the Institute for Management Development.
This was attributed to the country's GDP growth of 8.7 per cent in 2022 and a stronger-than-expected recovery in productivity at 5.4 per cent.
Source: https://www.nst.com.my/news/nation/2023/08/941300/boosting-sustainable-productivity