KUALA LUMPUR: The corporate sectors must support the state government by becoming the engine of growth and contribute to the revenue streams through adoption of new business models to generate positive Return on Investments (ROI).
Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg stated that Sarawak aims to double the size of its economy from RM136 billion in 2019 to RM282 billion in 2030 as stated in the Post COVID-19 Development Strategy (PCDS) 2030.
To meet this target, he said Sarawak needs an economic growth rate of eight per cent per annum.
“We have adopted a new statewide financial modeling via revenue reengineering and alternative funding methods to ensure a healthy fiscal position. However, these economic targets can only be achieved by the high commitment and dedication from both the public and private sectors.
“The state government will continue to formulate best policies to facilitate the delivery of services to the people while the corporate leaders and management team can adopt innovative business process reengineering via the adoption of digital tools and technologies.
“This is in order for them to be competitive and achieve sustainable growth,” he said at the closing ceremony of Digital Leadership Forum held at Khazanah Auditorium Asia School of Business in Kuala Lumpur on Wednesday (March 9).
His text of speech was read by Deputy Premier Datuk Amar Douglas Uggah Embas.
Abang Johari said leadership and sustainable growth are interlinked, noting that the solutions will come from not just policies but rather various contributions from the corporate stakeholders in the form of collective collaborations, ideation and partnerships from both the public and private sectors.
He pointed out that as leaders, decoding and understanding the digital DNA of leading businesses in any organisation become the order of the day.
“As leaders in your respective organisations, the necessity to enhance and ramp efforts in becoming digital native companies will determine your competitive edge by assuming data as a strategic asset to gain business insights and how that influences an ability to move with speed as well as quality to create value.
“Without the right and robust data, a company will not have enough inputs to analyze business trends and predictive decision-making.
“We must rise to the occasion and take the opportunity to learn from the best practices on talent development and benchmark on use case of the various digital platforms for today’s disrupted workforce and create a diverse set of revenue streams,” he said.
He added that embarking on the digital transformation journey may require organisational alignment via SPEED capabilities namely strategy, product, experiences, engineering, and data.
