EARLY last month, Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the labour market could face another challenging situation in the upcoming months.
He was optimistic, though, that the provision of various government aid packages may cushion the impact and restore the labour market condition.
Prime Minister Tan Sri Muhyiddin Yassin recently announced a RM150 billion package to help citizens weather these uncertain times.
While short-term measures are necessary and will assist the aid recipients, long-term measures are needed to initiate structural changes in the economy and allow it to be more agile and resilient against global economic shocks and pandemics.
These measures must provide opportunities for Malaysians to upskill themselves with tech know-how to complement their body of expertise.
These will enable them to not only weather the structural changes taking place in the global economy but also create new opportunities in the age of the Fourth Industrial Revolution (IR4.0).
The launch of the National 4IR Policy sets us on that path to recovery.
This comprehensive policy has laid out a roadmap to empower the people with IR4.0 knowledge and skillsets while boosting workforce productivity and our industries' global competitiveness.
As we want to transition to a nation of technology creators, it is crucial for the workforce to fully use IR4.0 technology and embark on a digital innovation journey to thrive in a fast-changing, hyper-converged global economy.
The National 4IR Policy is in line with the National Policy on Science, Technology and Innovation (NPSTI) 2021-2030, which aims to enable Malaysia to reach the status of a high-tech nation by 2030.
The National 4IR Policy will boost the aspirations of NPSTI as it will be the foundation to allow the creation of a science, technology, innovation and economy (STIE)-led ecosystem.
It will facilitate the development of local technology and innovations as a result of the opportunities within IR4.0 technologies, such as artificial intelligence, the Internet of Things and blockchain.
These will create multiplier effects in various economic sectors.
With the introduction of this policy, Malaysia can become a competitive regional player and boost productivity via the adoption of emerging technologies.
The policy underlines strategies that will allow us to build a strong competitive edge in key technologies, perhaps even leading globally in several niche technologies, while safeguarding our society's moral and cultural fabric.
This balance is critical for us to move up the global innovation value chain and become a developed and united country, drawing on the strengths of all communities that make up this multi-ethnic nation.
Malaysia can be an inspiration to other nations on building a globally competitive, prosperous and harmonious nation, anchored on a sound STIE ecosystem.
The nation's future involves having a globally competitive workforce that adopts, adapts and creates new frontier technologies that can enhance the return on value for all stakeholders.
The policy will assist with their ability to stay the course and acquire the skills they need to enjoy a better quality of life by the end of this decade.
With the execution of the National 4IR Policy and NPSTI, supported through the 10-10 Malaysian Science, Technology, Innovation and Economy Framework, STIE will be the enabler of inclusive socioeconomic development, as outlined in the Shared Prosperity Vision 2030.
This is a second wind for Malaysia. We can step up to the plate as we have three well-crafted national plans that are futuristic in outlook and will stand us in good stead for the next 8½ years.
These policies' effective implementation will transform current global "headwinds" into "tailwinds" that will propel the nation to greater socioeconomic development and global economic competitiveness.
The writer is Fellow, Academy of Sciences Malaysia and Professor at Sunway University