Communications and Digital Minister Fahmi Fadzil believes that Malaysia is able to get out of the middle-income trap if it can resolve communication issues, the digital divide and attract new investors in several sectors.
He was quoted by Bernama saying that the problem of stagnant wages and rising costs of goods can be mitigated by the country’s ability to attract new investors.
If we have a clear direction, we are more strategic in raising funds and investments, then economic growth will happen but the basis is political stability.
Communications and Digital Minister Fahmi Fadzil
Thoroughness is also necessary, he added, to make the Madani Economy work because Fahmi said that there’s no other way to fix the basic economic problems without slightly changing the direction after the pandemic.
For Malaysia as a country that looks into the future, the first thrust is the digital economy and the second is renewable energy.
Communications and Digital Minister Fahmi Fadzil
These two initiatives, according to Fahmi can provide a huge boost to investment opportunities by focusing on several sectors, namely oleo chemicals and specialty chemicals.
He said that this is needed to reduce the country’s dependency on crude oil, palm oil and semi-conductors and Malaysia has the potential to become a leading country in producing these products.
