The industry in Malaysia is expanding daily with better results and more developments. The government has been excited to develop in their industrial field with better agreements and models to help the country expand. The industrial field in any country is connected to the growth and the direct development of the economy and production rates.
The new developments were observed readily from the new developments announced by the Prime Minister of Malaysia Mahathir Mohammad. He announced the he will be trying to create a “decent standard of living” through a program which will end in 2030. The main focus of the program is to increase the economy through developments in the industrial field of the country and technology.
He believes in the shared prosperity concept which is what he is proposing. He commented in his speech of announcement during his one year celebration saying, “Shared prosperity aims at bridging the income and wealth gaps between economic classes, races and geographical territories. The 70 per cent additional jobs brought about by BN were unskilled jobs. The country’s equity ownership changed to foreign hands. Economic growth only focused on major cities, while equity ownership and opportunities for locals were neglected”
The program will have further effects on the business field, to help expand to new sectors, improve labor market and wages and other changes. He then commented on the previous direction that the previous government provided, explaining how it had negative effects on the economy and the industrial field.