THE country’s economy will be restructured to become more progressive under the Shared Prosperity Vision 2021-2030, through the adoption of advanced technology, innovation and research and development, said the Economic Affairs Ministry.

In a statement today, the ministry said the focus will be on resources that could spur the digital economy, aerospace industry, smart farming and services, which are supportive of the Industry Revolution 4.0(IR4.0).

At the same time, Putrajaya will also reinvigorate existing industries which contribute to economic growth.

A paper on the Shared Prosperity Vision was presented by the Economic Affairs Ministry to members of the cabinet in a three hour special meeting earlier today.

The paper addressed the need to recalibrate the current economic policies to create prosperity for all and to overcome global headwinds.

“The vision, which runs from 2021-2030, aims to spur robust and sustainable economic growth for Malaysia. The goal of the vision is to provide a prosperous living standards for all citizens by 2030,” the ministry said.

Putrajaya believes working towards the vision will stabilise the political scene and instill unity among the people.

The benefits of the Shared Prosperity Vision will be evident once the income disparity between the high and lower income group, ethnicities, as well as urban and rural folks are bridged.

“This will ensure that everyone is taken care of and no one is left behind in the country’s road towards development,” it added. 

The cabinet has given the nod to the Vision after weighing in on its feasibility as a policy that could spur sustainable and inclusive growth, bring in advance technology and to allow fair distribution of wealth to ensure socio-economic wellbeing.

“The government is sure that the Vision will make Malaysia a regional economic powerhouse,” the ministry said.

 Prime Minister Dr Mahathir Mohamad said earlier today that bridging income disparity will be the main goal of the vision. – September 14, 2019.