Putrajaya says Shared Prosperity Vision policy means focusing on new industries

KUALA LUMPUR, Sept 14 — The government’s new Shared Prosperity Vision will see the recalibration of current its current frameworks that focuses on new industries to achieve prosperous living standards by 2030, said the Economic Affairs Ministry.

Following a special Cabinet meeting in Putrajaya today, the ministry said to achieve this goal, Malaysia’s economy needs to be restructured to be more progressive and centred on the usage of advanced technologies, innovation, and research and development.

“Focus will be given to sources of new growth that includes digital economy, the aerospace industry, smart agriculture, and support services for the Industrial Revolution 4.0 (IR4.0),” the ministry said in a statement today.

“At the same time, existing industries that have been contributing to the economic growth will be given new injections,” read the statement.

The statement said a White Paper explaining the vision was presented during the Cabinet meeting, which conceded the need to recalibrate the existing policies to deal with the global challenges.

“The vision that covers the period of 2021 to 2030 represents the commitment to make Malaysia an economy that is keeps expanding vibrantly and sustainably.

“The beauty of Shared Prosperity will stand out when the economic gap between income groups, ethnics, the region, and supply chains are reduced maintaining the context of an ever expanding economy.

The result is by ensuring the people are taken care of and no one is left behind during the country’s expansion flow,” read the statement.

Following a three hour meeting, the ministry said the Cabinet had considered and agreed to accept the new policy that will drive sustainable growth and advance technologies.

It said the policy would also be inclusive and ensure an even and fair distribution to reduce the socio-economic gaps.

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