Malaysia Committed to Digital Transformation for Economic Growth and Innovation
Malaysia is steadfast in its commitment to embracing digital transformation as a driving force for economic growth, connectivity, and innovation, said Foreign Minister Datuk Seri Mohamad Hasan.
Digital Initiatives
Addressing the APEC Ministerial Meeting in Lima, Peru on Thursday, Mohamad highlighted Malaysia’s digital initiatives, guided by the Malaysian Digital Economy Blueprint and the National 4th Industrial Revolution Policy, which are pivotal in positioning the nation within the formal and global economy.
"We recognise the vast potential of digitalisation to drive growth and inclusivity," said Mohamad, pointing to Malaysia’s alignment with the United Nations’ Global Digital Compact as part of efforts to ensure equitable digital access and opportunities for all.
Gig Economy and Formalisation
Mohamad shared with the forum Malaysia’s efforts to support the expansion of the gig economy while working towards a smooth transition from informal to formal economic structures.
"The growth of the gig economy is a vital element of our economic landscape, driven by innovation and digitalisation, yet a shift towards a formal economy will bring immense benefits for both employers and employees," he said.
He pointed out the advantages of formalisation such as streamlined business registrations, reduced barriers for small enterprises, and improved access to affordable financial services, enabling self-investment and business growth.
Lima Roadmap
"In this spirit, Malaysia welcomes the Lima Roadmap to Promote the Transition to the Formal and Global Economy, which provides a strategic foundation to support this shift," he added.
Capacity-Building Initiatives
Raising awareness of the benefits of formalisation, Mohamad underscored the importance of capacity-building initiatives such as financial literacy and business management training, to help informal workers understand and navigate formal business practices.
Gender Equality
On gender equality, Malaysia’s commitment remains strong, recognising it as essential for building a progressive and just society.
"We are advancing this fundamental human right through legislative reforms, targeted policies, and collaboration with civil society," he said, outlining Malaysia’s aim to integrate women across all sectors and increase their workforce participation rate to 60 per cent over the next decade under the MADANI Economy framework.
National Entrepreneurship Policy and Social Entrepreneurship Action Framework
Mohamad also highlighted the establishment of the National Entrepreneurship Policy 2030 and the Social Entrepreneurship Action Framework 2030, which focuses on creating an inclusive and competitive entrepreneurial ecosystem.
Conclusion
Malaysia’s commitment to digital transformation, formalisation, and gender equality is a testament to its dedication to driving economic growth, innovation, and inclusivity. As the country continues to navigate the complexities of the global economy, it is essential that it remains steadfast in its commitment to these initiatives.
FAQs
Q: What is Malaysia’s approach to digital transformation?
A: Malaysia is embracing digital transformation as a driving force for economic growth, connectivity, and innovation.
Q: What are the benefits of formalisation?
A: Formalisation will bring immense benefits for both employers and employees, including streamlined business registrations, reduced barriers for small enterprises, and improved access to affordable financial services.
Q: What is Malaysia’s commitment to gender equality?
A: Malaysia is committed to advancing gender equality through legislative reforms, targeted policies, and collaboration with civil society, with a goal of increasing women’s workforce participation rate to 60 per cent over the next decade.