KUALA LUMPUR: Malaysia must intensify efforts to become an advanced nation by 2020 by leveraging on high-tech knowledge-based industries and Islamic Finance, Prime Minister Datuk Seri Najib Tun Razak said yesterday.
Najib, who is also the Finance Minister, concurred with the Japanese Chambers of Trade and Industry Malaysia (Jactim) that for Malaysia to enter into the next phase of development, it needs to create a balanced and advanced economy.
“High-tech knowledge-based industries will play a crucial part in our transformation and future growth,” he said at Jactim’s 30th anniversary celebrations yesterday.
Najib also said the country should not overlook the small-and medium-sized businesses which are the backbone of Malaysia’s economy.
The prime minister also agreed with Jactim that Malaysia must take advantage of the new and fast-growing industries such as the services sector.
“Malaysia has capitalised on the booming sukuk (Islamic bond) market and now has the largest sukuk market in the world,” he said.
Najib said the country was expanding into new growth areas such as the halal market while the new Tun Razak Exchange would help transform Kuala Lumpur into a regional financial centre.
He also expressed confidence that Japan would continues to play a vital role in the Malaysian economy and more Japanese companies would set up plants in the country.
Najib said he looked forward to exchange ideas and knowledge following greater cooperation, trade and investment.
“As we celebrate Jactim’s anniversary and reflect on the relationship between our countries, I hope Jactim and Japan will continue to play a leading role in Malaysia’s development over the next thirty years and beyond,” he stressed.
Earlier, Najib was given the opportunity to share his thoughts in a time capsule on how he perceived Malaysia would perform over the next decade. — Bernama