‘Budget 2023 to drive growth through focus on automation, digital tech’

KUALA LUMPUR – Malaysia’s upcoming Budget 2023 will focus on the use of automation, digital technology and the development of a future-ready workforce, said Deputy Finance Minister Yamani Hafez Musa.

He said the government, in collaboration with various parties, is actively preparing the nation for digital transformation to drive sustainable and equitable economic growth.

In order for Malaysia to become a high-income country, it is important to ensure that the country’s digital ecosystem is strengthened and that future talent is honed, he said.

“Digitalisation, technology adoption and innovation are important for sustainable growth.

“To support the development of innovation in Malaysia, the government had approved 99 projects and programmes in research, development, commercialisation and innovation from 2021 to 2022, with an investment totalling RM5.6 billion,” he said.

Yamani said this in his speech during the opening ceremony of the KL Venture Finance Forum 2022 and Malaysia Debt Ventures Bhd’s 20th-anniversary celebration here, today.

On the same note, the deputy minister said the Finance Ministry had published a public consultation paper for Budget 2023 on “Policy on the Use of Local Research and Development (R&D) Products, Services and Technology in Government Procurement” in its effort to empower the technology sector.

“This is to protect and develop local industries, reduce dependency on imported goods, increase competitiveness and resilience, as well as to develop local technological capabilities to support the technology transfer ecosystem, commercialisation and marketing of local R&D results,” he added.

Meanwhile, Yamani said the nation’s economic growth momentum is expected to remain steady in the third quarter of 2023, supported by robust economic and social activities, as well as strong domestic and foreign demand.

“Therefore, the government is confident that the Malaysian economy is capable of achieving the official gross domestic product projection for 2022, which is between 5.3% and 6.3%,” he said. – Bernama, September 12, 2022