KUALA LUMPUR: Malaysia is set to recover from the multiple crises it had been facing since 2020 by employing various cutting-edge strategies in rebuilding the nation, said National Recovery Council (NRC) chairman Tan Sri Muhyiddin Yassin.
Muhyiddin, in his speech at Expo 2020 Dubai today, said while Malaysia was not spared from the Covid-19 pandemic, he believed that the global health crisis had created great opportunities for the country to forge a more resilient, inclusive and sustainable economy.
He outlined five key initiatives that would be vital for Malaysia and other countries to not only fully recover from the pandemic but also to chart new paths for the future.
The first, he said, was to improve the welfare of the people who are battling the pandemic, adding that socio-economic justice would translate into a robust economy and future.
"We must strive to build a better robust future not just for individual economies but for individuals. Income gaps must be closed, and higher-paying jobs must be created across all sectors.
"Malaysia will strive to address its structural labour market issues more effectively through better mechanisms of job matching as well as continuous re-skilling and up-skilling. This will be crucial in providing the competitive edge for Malaysia," he said.
The second initiative needed, Muhyiddin said, was for all governments worldwide to invest more in the healthcare sector as this would prepare them for the next pandemic.
At the same time, he said effective investments in the healthcare sector would also create stronger societies and better productivity.
"Spending on healthcare, which is averaging around four per cent of the GDP (gross domestic product) in Southeast Asia pre-pandemic, must be increased to the double-digits of the OECD (Organisation for Economic Co-operation and Development) countries."
The recent flood disaster in Malaysia, he said, had also led the government to invest more in environment-related matters.
Muhyiddin said the responsibility for meeting the threat of climate change must be shared equally by both developed and developing nations.
The key to this, he said, was frank dialogues, meaningful cooperation as well as a resolute commitment to achieving the targets set.
"The recent floods in my home country, Malaysia showed that protecting our natural heritage can be a matter of life or death. We certainly do not want to survive the pandemic (only to witness) our countries destroyed (by) climate change.
"This is the first time in the World Expo history where each participating country has its own pavilion.
"Malaysia, with our Net Zero Carbon Rainforest Canopy Pavilion design is highlighting the fact that restoring balance with ecology is the way of the future.
"Our pavilion also signifies Malaysia's commitment towards enhancing global cooperation on green growth in line with the Sustainable Development Goals (SDG) 2030, while pursuing shared prosperity."
The fourth initiative, said Muhyiddin, was to leverage the Islamic economy given the booming market on the halal industry over the past few years which includes Islamic finance and banking, pharmaceuticals, tourism and education.
He said the Islamic economy could spur the creation of progressive, inclusive, and sustainable societies.
"There is certainly a need to move beyond traditional frameworks and conventional wisdom amid these difficult times of Covid-19, to cultivate new ideas made in continuity so that we can foster positive change in the Muslim world and beyond."
Lastly, the former prime minister said the pandemic had also accelerated the growth of the digital economy as one of the key pillars for inclusive growth.
Driven by a diverse and thriving digital ecosystem, he said Malaysia's digital economy has grown by leaps and bounds, alongside disruptive technologies as a potential game-changer in response to the ever-changing business and economic landscapes.
In 2020, the digital economy contributed to approximately 22 per cent of Malaysia's GDP and it is expected to generate 500,000 jobs by the year 2025, he said.
"It is also my earnest hope that digitalisation will not only facilitate e-commerce but also help deliver government services and aid more effectively to the public, as well as reduce socio-economic disparities.
"For instance, it can help provide financial services and means of savings to our region's still significant unbanked population.
"Technology can also help boost food security and strengthen disaster preparedness. It should be a means for us to create more progressive societies rather than yet another cause for inequality."