KUALA LUMPUR, Sept 1 — The implementation of 5G is expected to create 39,000 new job opportunities, shifting the workforce landscape towards higher-value skills, said Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar.
He said the economic impact of 5G on the Malaysian economy is expected to be substantial, with its deployment acting as a catalyst for the country’s productivity and growth.
Additionally, he said a recent study by the Malaysian Institute of Economic Research reported that 5G has the potential to contribute an additional RM12.7 billion to Malaysia’s gross domestic product (GDP) over five years between 2021 and 2025.
“5G and Industry 4.0 (IR 4.0) implementations are not just on the near horizon. They are here offering opportunities with the promise of speed and responsiveness that will undoubtedly usher in new products, new services and revolutionary ways of doing things,” he said in his welcoming address at the Invest Malaysia 2020 – Virtual Series 3 here today.
He said the linking of millions of digital devices and the creation of new services around those devices will transform the way we live, and how businesses, governments and even exchanges operate.
“Acknowledging the importance of digital transformation, we as a capital market collective need to provide the assuredness that our efforts, as corporates, regulators and financiers, are working in tandem to ensure Malaysia takes advantage of the opportunities this new wave of 5G and IR 4.0 technology will provide,” said Abdul Wahid.
And in the world of fast-moving telecommunications technology and industrial automation, Abdul Wahid said looking holistically at a company and determining if the organisation has the right human capital to deploy advanced technology combined with the right governance practices in place could be argued to be as important as their financial grounding.
“Malaysia’s listed companies need to be at the forefront of using and deploying technology innovations to ensure our nation remains vibrant and our capital market remains ASEAN’s leading marketplace,” he said.