KUALA LUMPUR, Feb 9 – Malaysia must climb out of the middle-income trap after languishing more than two decades in the upper middle-income bracket as per the World Bank classification, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid said the fact is if Malaysia fails to up its competitive advantage and attractiveness as a centre for investment, its competitors will forge ahead which in turn will affect the country’s national prosperity and the wellbeing of ordinary Malaysians.

He said the government is committed to create an economic environment where every Malaysian can fulfill their potential whereby entrepreneurs and the spirit of entrepreneurship are of upmost importance.

“Toward this end the government will continue to cut red tape that hinder businesses and entrepreneurs. Making profit, paying your fair share of taxes, and creating quality employment is a good thing, it must be facilitated at all levels of government whether federal, state, or local.

“There must be a continuous mind shift that the private sector is the main engine of growth for the nation, it must prosper for the nation to prosper. Malaysia must get out of the middle-income trap we are currently in and take our rightful place as a high-income nation within the next five years,” he said.

Ahmad Zahid said this in his speech when officiating a seminar organised by MarkPlus Institute ASEAN titled “Entrepreneurial Marketing: How to Grow your Business Post-Pandemic” here today.


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