An Economy based on Innovation

Efforts are being made to build an economy based on innovation. A Council of Economic Advisers is formed by Prime Minister Najib to help the Government to renew and revive the nation’s economy. The economic council would report directly to the Prime Minister and members would not be politicians but corporate leaders. The council is different from the current National Economic Action Council in the sense that it would consist of economic experts from the corporate sector.

The Prime Minister also announced that his new deputy, Tan Sri Muhyiddin Yassin, would lead a team which would concentrate on efforts to polish the potential, skills and abilities of human capital in the country.

Najib abolished the Entrepreneurial and Co-operative Development Ministry. The development of small and medium-scale enterprises (SMEs) will be moved to the International Trade and Industry Ministry (Miti) while Mara and Tekun will now come under the purview of the Rural and Regional Development Ministry.

The move to integrate the development of SMEs into Miti is expected to strengthen the role of the SME Industry Development Corporation (Smidec) as the lead agency for SME development.

Another ministry which has been abolished is the Energy, Water and Communications Ministry (MEWC), leaving the supervision of the Malaysian Communications and Multimedia Commission to be absorbed by the former Information Ministry, which has been expanded to include the functions of Arts and Culture to become the new Information, Communications, Arts and Culture Ministry.

A new ministry – Energy, Green Technology and Water – has been created from the remaining elements of MEWC to promote sustainable development and the use of green technologies.

Najib also announced that a Minister in the Prime Minister’s Department – Gerakan president Tan Sri Dr Koh Tsu Koon – would oversee the Government’s important initiative to introduce Key Performance Indi­cators.