PUTRAJAYA’S Shared Prosperity Vision 2030 (SPV) has identified 15 emerging industries and sectors as key areas to drive the country’s growth in the next 10 years.

These sectors are meant to develop the digital economy through financial technology (fintech), a cashless economy, innovative disruptors and platformisation.

One growth area will be to make Malaysia a fintech hub for Islamic finance.

Renewable energy is another emerging segment the government wants to further develop, and this includes energy sources from wave, solar, algae, mini-hydro, wind, geo-thermal and bio-mass.

The emphasis on these emerging sectors is in line with the vision’s plan to reduce Malaysia’s high dependence on primary industries and commodities, as revealed in the SPV launch by Prime Minister Dr Mahathir Mohamad in Kuala Lumpur today.

Malaysia’s reliance on commodities is evident through the increase in the exports of oil and gas products, which jumped from 6% in 1989 to 15.5% in 2018.

But the high dependence on commodities have been highlighted as a risk factor to the economy.

As such, giving more focus to downstream products, called the Commodity 2.0 initiative in the SPV, is another one of the 15 areas.

Another key growth area proposed is the green economy sector, which includes the production of eco-friendly products liquefied and natural gas (LNG) and green buildings.

Putrajaya is also vying to transform the country into an Asean hub for logistics, technology, and research and development to attract companies to choose Malaysia as a potential base.

Other sectors in the 15 key drivers are to develop a sustainable transportation network for logistics and connectivity, and manufacturing, supply and services for Industry 4.0.

Tourism, too, is regarded as a key driver under the vision plan, with a focus on eco-tourism, medical tourism, cultural and experiential travel.

Other economic activities marked as growth drivers are agriculture using smart technology and high value add, services using advanced technology, content creation for animation, entertainment and culture, maritime and coastal economy, and halal food. – October 5, 2019.