PUTRAJAYA: Malaysia has the potential to regain its status as an Asian Tiger due to its strength in emerging economic sectors, said Economy Minister Rafizi Ramli.
Rafizi said this hinged on the country's ability to thrive in future economic sectors, particularly sustainable energy, rather than relying on gross domestic product measurements.
He said Malaysia's achievement in data centre development, as well as the potential for expansion in the electronics and chip industries, were critical aspects in revitalising the economy.
"Our initiatives to support these data centres are strategically aligned with the anticipated dominance of artificial intelligence and chip technologies in the global landscape.
"Considering these factors, Malaysia possesses great potential (to reclaim Asian Tiger status," he said at the launch of Economy Census 2023 here today.
Rafizi added that the nation would reap substantial economic gains if it efficiently leveraged new technology sectors.
He said the international community, including major investors, was closely watching Malaysia's potential to lead in economic development.
"Therefore, I believe Malaysia's perception and prospects as an Asian Tiger must be grounded in the future economy.
"If we can successfully leverage these advantages, Malaysia will undoubtedly be far ahead of other regional and global nations."
Yesterday, Finance Minister II Datuk Seri Hamzah Azizan said a positive outlook from analysts and rating agencies, supported by encouraging economic figures, signalled that Malaysia was making great strides to reclaim its Asian Tiger status. (https://www.nst.com.my/business/economy/2024/07/1082738/malaysia-making-...) Hamzah said he received positive feedback regarding Malaysia's strong economic performance during meetings with investors and analysts, who expressed optimism about the country's future growth.
The term "Asian Tigers" was used in the 1980s and 1990s to describe the rapidly growing economies of Taiwan, South Korea, Singapore and Hong Kong.
Malaysia was poised to be the fifth Asian Tiger, but the 1997 Asian financial crisis derailed the country's economic growth. ends/