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||9 February 2010
Malaysia can ill-afford to get stuck as middle income economy, says minister
Malaysia needs to undertake a major transformation of the economy, even if it involves a short term cost or initial setback, to achieve developed nation status by 2020, the StarBiz quoted a minister as saying.
Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop explained that Malaysia needs such a transformation as it can ill afford to be stuck as a middle income country, albeit a high middle income nation.
"To achieve developed nation status, our economic model needs to transform to become increasingly knowledge-intensive and innovation-led," he said on the second day of the 1Malaysia Economic Conference here on Tuesday.
The conference was organised by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
Nor Mohamed highlighted that a transformation of the economy would involve significant change. He said adjusting the country's economic model also requires an investment, which may not immediately pay off, but nevertheless yield good returns in the longer term.
"In undertaking our economic transformation, we need to have the commitment to ride through the initial pain and have the conviction to stay the course for an eventual long term improvement," he added.
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