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Malaysia and partners work to boost digital economy agenda

According to a recent report, Malaysia’s efforts at developing its digital economy agenda received a boost with the participation of 30 officials from 19 Ministries and agencies from the New Economy Workshop organised by the business school of one of the biggest e-commerce firms in the world.

The participating officials were all involved in driving Malaysia’s digital economy agenda and e-commerce policymaking.

The Malaysia Digital Economy Corporation and the Ministry of International Trade and Industry released a joint statement wherein they stated that the workshop was aimed at empowering participants by increasing knowledge and understanding on the key elements for the development of Malaysia’s digital economy.

Participants are expected to become trainers in their Ministries and agencies, which in return, enhances the human capital development in the area of the digital economy.

Ultimately, well-trained officials will strengthen the joint-Ministries’ efforts at implementing the National E-Commerce Strategic Roadmap, 2016-2020, and towards achieving greater economic growth and societal well-being in Malaysia.

This is imperative, another report notes.

Malaysia transitioning to a digital economy will likely create tectonic shifts in the structure of production and employment. Assembly-type operations no longer have appeal as their value creation is low compared to that of technology development that advanced countries excel.

Thus, reform is needed to ramp up economic growth so that the economy continues to be resilient in the future, and the road seems promising for Malaysia.

The region’s 4.7 per cent growth rate surpasses that of other developed countries in this region including South Korea, Taiwan, Australia and Singapore. It even surpasses the growth rates of the US and the Eurozone. Inflation is low, debt is modest, and the nation is running at full employment.

Malaysia has found new ways to generate greater revenue.

The article has urged that the vision for Malaysia’s new economy must bold and audacious. Second, the government must strive for a comprehensive long-term reform agenda replete with strategic result areas and KPIs.

Third, the government has been urged to extricate itself from being in business; a restructuring which should restore the private sector’s rightful role as the engine of growth.

Fourth, business-related regulations should be reduced, helping Malaysian better perform in the criterion of Starting a Business. This means reducing the procedural bureaucracy involved in registering a new business in Malaysia.

Finally, a Harvard professor argued that there needs to be a place for low-skilled workers in a digital economy; i.e., the focus should be on reskilling the displaced workers so that there is a better fit between skills and job requirements. Similar better matches too will enhance the nation’s capabilities.

Another way to do this is to ensure the development of low-end manufacturing, agriculture and services. Jobs in these sectors will be able to absorb low-skilled labour. This is not only socially ethical but also politically expedient.

Economic reform is imperative. Countries that are complacent will lose out in competitiveness in a rapidly-changing world. Malaysia cannot afford to suffer a similar fate.

Thus, it is encouraging to see governmental agencies working to grow and enhance the knowledge and understanding of key elements for developing Malaysia’s digital economy.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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