Malaysia has set to enhance its competitiveness in order to be a high-income economy within a decade, Malaysian International Trade and Industry Minister Mustapa Mohamed said at a recent conference in Kuala Lumpur.
According to the Director-General of the Economic Planning Unit (EPU), Noriyah Ahmad, a high-income economy would be based on innovation, creativity and high value.
In order to achieve the target, Malaysia should to enhance competition, upgrade human capital, increase productivity and enable innovation, strengthen public-private partnership, and improve infrastructure, Noriyah said.
According to her, Malaysia ’s current gross national product (GNP) per capita has to double to a minimum of 14,818 USD by 2020 to become a high-income economy.
The Malaysian Government has reformed towards a more open and accountable public sector, according to minister Mohamed.
He said that Malaysia has set up a special task force to facilitate businesses for that purpose and measures taken included establishing online tax systems and allowing companies to make trading payments at the nearest customs office.
Recently, the Institute for Management Development based in Switzerland ranked Malaysia at 18th position out of 57 economies in term of competitiveness./.