KUALA LUMPUR: Tun Daim Zainuddin has supported the economic model introduced by Prime Minister Datuk Seri Najib Tun Razak, saying that it will give Malaysia a better future.
The former finance minister and economic adviser to the government said the country’s economic development in the future will depend on efficient use of resources, competition among workers as well as skills of the workforce.
Malaysia has the base to become a great economy because it has the workforce, resources and infrastructure as well as flexible institutions and policies to generate high economic growth, he said.
“We should influence Malaysia’s multiracial and multiethnic community to maximise location advantage in Asia, the world’s fastest growing region,” he said in a interview with Mingguan Malaysia.
Besides, he said Malaysia is a middle-income country and its people enjoy high quality of life but the challenges for the Malaysian economy are different compared with when the country was still low-income.
“Various strategies and plans have been provided to bring Malaysia to a higher development level.
“The Malaysian economy has advantages particularly in knowledge-based activities such as information technology and communication, education and health services, finance, logistics and transport.
“The manufacturing sector, with a big electronic sector, has raised efficiency to a good level; and the strong exports, like the agriculture sector particularly in palm oil, are competitive,” Daim said. — Bernama