Since the First Malaysia Plan in 1966, a lot of attention has been on strengthening the country’s economic competitiveness. And so, as we think of Malaysia’s medium-term economic strategy, we should ask — what is our economic structure? Are we still in an outdated, yet entrenched, economic strategy based on low-cost labour as a competitive advantage, or are we innovating? At the heart of these questions is, ultimately, the economic competitiveness of not just Malaysia, but also companies in the country, where all economic activity is organised. In considering whether Malaysia can continue to increase its economic competitiveness, we need to therefore think about whether our firms can increase their own competitiveness.
