KUALA LUMPUR: The government is urged to improve the economic ecosystem to attract more investments through several reforms, including a more advanced banking system and a highly skilled workforce.
Subang MP Wong Chen (PH) said measures including improving workers' skills could help the country to avoid a direct clash with low-cost producers such as Indonesia and Vietnam.
He added that the country's manufacturing sector is facing a challenging situation due to competitive pricing and technology from Chinese products.
“We have one advantage over China. Our cost is slightly lower than the Chinese in terms of labour but we are too reliant on foreign workers. Now we compete in manufacturing with Vietnam and Indonesia.
“Nevertheless, we still have the opportunity to fast-forward to the production of more high-end and value added products such as solar energy,” he said during a panel session on empowering the people's economy at the Unity Government National Convention 2023 on Sunday (May 14).
Wong said Malaysia needs to achieve net zero carbon emissions earlier than expected in 2050 to generate environmental, social and governance (ESG) and sustainability consulting sector services.
“We need to achieve net zero to give full credibility to Malaysia as the main destination in Southeast Asia and the rest of Asia for the best green technology hub,” he added.
Meanwhile, Titiwangsa MP Datuk Seri Johari Abdul Ghani (BN) said the government must be able to bring in domestic and foreign investments to boost the business sector in Malaysia, further creating job opportunities for Malaysians.
“A government should have credibility and integrity in the eyes of the people and be competent and have the experience to administer the country,” he added.
The Unity Government National Convention 2023 was held over one day for the first time after the unity government was formed following the 15th General Election.
The unity government comprises 19 component parties including Barisan Nasional (BN), Pakatan Harapan (PH) and Gagasan Parti Sarawak (GPS).
Source : The Edge Markets