APEC: MALAYSIA PLEDGES DIGITAL TRANSFORMATION FOR ECONOMIC GROWTH

KUALA LUMPUR, Nov 15 (Bernama) -- Malaysia is steadfast in its commitment to embracing digital transformation as a driving force for economic growth, connectivity, and innovation, said Foreign Minister Datuk Seri Mohamad Hasan.

Addressing the APEC Ministerial Meeting in Lima, Peru on Thursday, Mohamad highlighted Malaysia’s digital initiatives, guided by the Malaysian Digital Economy Blueprint and the National 4th Industrial Revolution Policy, which are pivotal in positioning the nation within the formal and global economy.

“We recognise the vast potential of digitalisation to drive growth and inclusivity,” said Mohamad, pointing to Malaysia’s alignment with the United Nations’ Global Digital Compact as part of efforts to ensure equitable digital access and opportunities for all. 

Mohamad shared with the forum Malaysia’s efforts to support the expansion of the gig economy while working towards a smooth transition from informal to formal economic structures.

 “The growth of the gig economy is a vital element of our economic landscape, driven by innovation and digitalisation, yet a shift towards a formal economy will bring immense benefits for both employers and employees,” he said.

He pointed out the advantages of formalisation such as streamlined business registrations, reduced barriers for small enterprises, and improved access to affordable financial services, enabling self-investment and business growth.

 “In this spirit, Malaysia welcomes the Lima Roadmap to Promote the Transition to the Formal and Global Economy, which provides a strategic foundation to support this shift,” he added.

Raising awareness of the benefits of formalisation, Mohamad underscored the importance of capacity-building initiatives such as financial literacy and business management training, to help informal workers understand and navigate formal business practices.

On gender equality, Malaysia’s commitment remains strong, recognising it as essential for building a progressive and just society. 

“We are advancing this fundamental human right through legislative reforms, targeted policies, and collaboration with civil society,” he said, outlining Malaysia’s aim to integrate women across all sectors and increase their workforce participation rate to 60 per cent over the next decade under the MADANI Economy framework.

Mohamad also highlighted the establishment of the National Entrepreneurship Policy 2030 and the Social Entrepreneurship Action Framework 2030, which focuses on creating an inclusive and competitive entrepreneurial ecosystem. 

These initiatives, along with the Social Enterprise Accreditation and tax incentives, are designed to support the growth of social enterprises and foster financial sustainability, he said.

Mohamad called for continued cooperation among APEC economies to address structural disadvantages faced by women and vulnerable groups in the transition to a formal economy.

“We believe APEC economies must continuously collaborate to explore ways to overcome the structural disadvantages faced by women, and other vulnerable groups, in the transition towards a formal and global economy,” he said.

-- BERNAMA