Tan Sri Mohd Sidek Hassan

Tan Sri Dr. Wan Abdul Aziz Wan Abdullah“Building on these inherentstrengths and with theimplementation of policiesconsistent with the neweconomic model, Malaysiawill be on a strongerfooting to weather thecrisis and resume itsgrowth trajectory”Moving forward, creativity, innovation and high value-added activities will be thekey drivers of the new economic model. We will intensify development of nichegrowth areas such as Islamic finance, halal industry and tourism, while leveraging ongreen technology. Low-skilled and low-cost labour will be replaced with automationand highly-skilled jobs.With these measures, the new restructured economy will also see increasedcontribution of the services sector, from the current 58% to 70% of the grossdomestic product. We are committed to fiscal consolidation when the economyrecovers. We will continue to ensure value-for-money in government spending,including competitive bidding.More importantly, the Government will gradually roll back and facilitate the privatesector to play a more active role to drive the economy. This requires the privatesector to rise to the challenge and seize opportunities available.At the same time, the Government will not neglect its responsibility to providinga more comprehensive social safety net for the poor and vulnerable groups.Malaysia’s economic fundamentals remain strong. We have a sound banking andfinancial sector, strong international reserves, high savings and diversified sourcesof growth.Building on these inherent strengths and with the implementation of policiesconsistent with the new economic model, Malaysia will be on a stronger footingto weather the crisis and resume its growth trajectory. Having said this, there isonly so much that the Government can do. The private sector and the rakyat toomust respond positively. Together, we can make this a reality.23