KUALA LUMPUR, Oct 20 — It is imperative that micro-enterprises have access financial services during the current economic crisis, Prime Minister Datuk Seri Najib Razak said today.
Najib, who is also finance minister, said the role of financial services has shifted to become a growth driver from a growth facilitator, to generate value-added business, attract investments and even create jobs.
“An important component of our financial sector policies is financial inclusion, to ensure that all segments of society get access to financial services irrespective of geographical location, income strata or the economic activity they belong to,” he said.
Najib said over the years the financial sector contribution to gross domestic product has increased to 11 per cent in 2008 from 9.2 per cent in 2000.
He said this at the ADB-BNM-EC joint conference themed, “Beyond The Global Crisis: A New Asian Growth Model?” here today. The text of his speech was read by Second Finance Minister, Datuk Husni Hanadzlah.
Najib said the government was committed to ensuring Malaysia’s transition to a high-income economy, particularly as the country emerged from the current economic crisis.
“Ultimately, our efforts are aimed at improving the welfare of all Malaysians,” he said.
Work is currently in progress to formulate a new economic model that will transform Malaysia into a high-income economy that is driven by creativity, innovation and high value-added activities.
“This would ensure a sustainable growth over the medium and long term,” he said.
Najib said the new economic model would shift the emphasis from industrial manufacturing, which depended on semi-skilled and low-cost labour, to one that was based on high technology and modern services, driven by skilled and highly-paid workers.
Growth would also be more centred on domestic demand, particularly in the services sector, he said. — Bernama
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