Kuala Lumpur (VNA) –Malaysian Deputy Prime Minister Ahmad Zahid Hamidi on February 9said that the country must climb out of the middle-income trap afterlanguishing more than two decades in the upper middle-income bracket as per theWorld Bank classification.
Speaking at a seminar organisedby MarkPlus Institute ASEAN, Zahid said that if Malaysia fails to up itscompetitive advantage and attractiveness as a centre for investment, itscompetitors will forge ahead which in turn will affect the country’s nationalprosperity and the wellbeing of ordinary Malaysians.
He affirmed that the Malaysian government is committed to creating an economic environment where everyMalaysian can fulfill their potential whereby entrepreneurs and the spirit ofentrepreneurship are of utmost importance.
To achieve thetarget, the government will continue to cut the red tape that hindersbusinesses and entrepreneurs, the Deputy PM stressed.
There must be a continuous mindshift that the private sector is the main engine of growth for the nation, hesaid, adding that the private sector must prosper for the nation to prosper.
Malaysia must get out of themiddle-income trap that it is currently in and take its rightful place as ahigh-income nation within the next five years, Zahid said./.