He also said that industries and relevant authorities needed to rethink on how to resume industrialisation under the present circumstances.
“The world economy has changed a lot from since the 90s when we were industrialising. In this situation, we have to admit that some of the policies are outdated and we need to update them,” he said.
Jomo also stressed that new jobs that were created today needed to be value-added unlike the service sector that only creates traditional jobs.
“In this scenario, expanding government employment is not productive. In order to be internationally competitive, industries have to address its weaknesses and identify its strength,” he said.
Meanwhile, Khazanah Research Institute today released a book on “Structure of the Malaysian Economy: An Input-Output Analysis” which addressed the lack of linkage between large multinational corporations and small medium enterprises.
“SMEs and large-sized sectors are found to be highly linked but large sized sectors are less integrated with SMEs and the loose connection is in the production chain,” it said. – Bernama