KUALA LUMPUR: The government prioritises revitalising economic growth to expand its size and get the economy back on track, says Datuk Seri Anwar Ibrahim.

The Prime Minister said that economic structural reforms are actively being implemented to accelerate the transition towards becoming a high-income nation in line with the Madani economy’s goal for Malaysia to become an Asian economic leader.

“This target will only be achieved if the economy grows at a rate of 5% to 6% per year in the next 10 years,” he said in a written reply in the Dewan Rakyat on Monday (July 1).

He was responding to Mohd Syahir Che Sulaiman’s (PN-Bachok) question about the government’s detailed plan to place Malaysia among the world’s 30 largest economies, which is one of the seven goals in the Madani Economy Narrative.

Anwar said efforts to increase economic growth will be supported by initiatives outlined in the Mid-Term Review of the 12th Malaysia Plan, the National Energy Transition Roadmap, the New Industrial Master Plan 2030 and Budget 2024 to maximise the country’s economic growth potential.

Additionally, he mentioned that the focus is also on attracting more quality and advanced technology-based investments in high-growth and high-value industries to encourage the development of complex products and services and create skilled and high-income jobs.

“Companies will be encouraged to invest in the acquisition of machinery and equipment to expand capacity and productivity and to invest in advanced technologies such as blockchain, artificial intelligence and big data analytics.

“They will also be encouraged to intensify green investments in business operations and premises, including developing and using renewable energy sources,” he said.

Anwar added that the government will facilitate increasing the involvement of higher education institutions, research institutes and the private sector to accelerate research, development, commercialisation and innovation activities. – Bernama