KUALA LUMPUR (March 23): The private sector must invest in innovation and digitalisation — leveraging digital platforms, ecosystems and marketplaces to boost productivity.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said this includes investing in cybersecurity to create a safe, secure and trusted digital ecosystem for businesses to operate.

“To be a high-income nation, we need to transform the economy. We need to upgrade our talents, we need to create an ecosystem which will ultimately stimulate innovation and entrepreneurship,” he said.

Mustapa said this in his keynote address at the Kuala Lumpur Business Club’s dialogue session on MyDIGITAL and the Malaysia Digital Economy Blueprint.

Last month, the government had launched MyDIGITAL, a national initiative that symbolises the government’s aspiration to transform Malaysia into a digitally-driven, high-income nation and a regional leader in the digital economy.

Meanwhile, the Malaysia Digital Economy Blueprint outlines programme ownership, timeline and outcomes to steer the nation’s socio-economic transformation towards an inclusive, responsible and sustainable growth.

Through MyDIGITAL, Malaysians will be empowered to improve their lives in every aspect via initiatives introduced outlined in the blueprint, Mustapa said.

“The success of this blueprint hinges on the commitment of the government, the rakyat and the private sector.

“The private sector needs to introduce innovative solutions in solving socio-environmental challenges, equipping employees with the necessary skillsets to embrace widespread transformation, and participating in community and socioeconomic empowerment agenda.

“Ultimately, we want the digital economy to contribute towards a prosperous and sustainable growth,” he added.

Mustapa said businesses are the growth engine of the digital economy, hence by 2030, the government aims to achieve a 30% increase in productivity across all sectors in Malaysia by leveraging digital technologies.

“We envision industry players not just as users and adopters, but also creators of innovative business models under the digital economy,” he said.