KUCHING: Investment in areas that yield the most economic return, talent development for required sectors, as well as adopting digital technology are crucial in order for the economy to bounce back from the Covid-19 pandemic.
Malaysia Productivity Corp (MPC) director-general Datuk Abdul Latif Abu Seman said under the present situation of Covid-19, technology was the way forward to increase productivity.
“We need to move away from a resource driven economy, resources are depleting. I think we have to add more value to that.
“There is also a need to see what would be the kind of workforce that the state requires. If there is a need for talent on digital competency, then it should focus on that,” he said during a webinar entitled ‘State Budget Talk’ organised by Institute of Management Sarawak (Masa) on Saturday (Sept 4).
He echoed Chief Minister Datuk Patinggi Abang Johari Tun Openg’s statement that in using technology, talent was a limiting factor.
“Besides, the state has given focus on the ease of doing business as mentioned in the Post Covid-19 Development Strategy (PCSD) 2030. Yes, we can bring in investment to get investors to come to our country. But, do we have a conducive climate for them?
“Here in Malaysia, they (investors), both foreign and local, have given feedback that they find it difficult to do business with regard to licence application, requirement for registration and other procedures which are not clear.
“Therefore, the guidelines for doing a business must be accessible and transparent. Because doing business is about time. Time is money. If you are slow, investors will go elsewhere,” he said.
As such, he said these were among the areas that had to be looked into to provide a conducive environment which could support businesses to operate in the country.
“Aside from the right talent and technology, we do need to have the proper and effective regulations,” he stressed.