K Based Economy Malaysia

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Another important challenge that Malaysia need to face is building an innovative capacity in the country. This is needed in order to develop goods and service for the knowledge based economy. Such this would not happened unless a firm have a commitment on the part of the government. A good place to start is at the commitment of incentives and recognition. It would also plus, required a proactive approach to help the country to compete in the knowledge-based economy.

- WAYS HOW MALAYSIA CAN MOVE TOWARDS A KNOWLEDGE-BASED ECONOMY.

Firstly, Malaysia must develop the requisite physical infrastructure, which are needed and necessary to support knowledge-based industries as well as activities that linked with economy. It must also hence, develop the requisite infrastructure, which consist of networks, appliances and the legal system as well as enabling environment for the smooth flow of information for growth and also development of the nation in a knowledge-based era.

Besides that, manpower also is essential to move Malaysia towards a knowledge-based economy. However, in the short run, Malaysia would be having difficulty in order to produce such manpower to fuel its move toward knowledge-based economy. In order of that, government need to find the incentives on how to overcome this problem.

Furthermore, by bridging of the digital divide alone is not enough. The first step for Malaysia to move towards a knowledge-based economy is by begin to promote an information technology (IT) culture amongst its populace. Specific policies and programmes must be set up by the government to introduce new software and hardware and bring the Malaysian people up to date with technology and developments in the IT industry. Initiatives should be put in place at the primary, secondary and tertiary levels of its educational system to promote IT culture. Efforts should also be made to train the working population to become IT literate. Next, public libraries and community centres should be provide with computers and IT facilities for public use and training.

Finally, Malaysia should team up and have a linked with countries in the South East Asian region to help it in its efforts to move towards a knowledge-based economy. Because countries in the region share similar or same development histories, races, religions to mention just a few, pulling together to help each other to move towards a knowledge-based economy would bring about each accomplishing sustainable development. This can be likened to the “prosper thy neighbor” policy as advanced by Dr. Mahathir Mohammad. By each country helping the other to transit to a knowledge-based economy, the advantages that would accrue to the region in general cannot be emphasized enough

- CONCLUSIONS.

From the beginnings of human history, knowledge and innovation have played important role in development of Malaysia. However, with globalization and technological revolution nowadays, knowledge has clearly become the key driver of competitiveness and become the main ingredient in reshaping the patterns of the economic growth and activity. Moving towards a knowledge-based economy would need to face some challenges and problem. However, with the recommendation and policy that have been discussed, its hope that we can undergo all these challenges. Government should play their role in the formulation and implementation of such policies given so that Malaysia can become the greater and successful country with the transition to a knowledge-based economy.

- REFERENCES.

- Mahathir, Mohammad (2001), Speech by the Prime Minister of Malaysia, Dr. Mahathir

Mohammed during the Tabling of the Third Outline Perspective plan, 2001-2010, Kuala Lumpur: Economic Planning Unit.

- David Abdulai (N.Y), Malaysia’s Transition to a Knowledge-Based Economy: Challenges, Opportunities and the Road Ahead from http://www.druid.dk/conferences/nw/paper1/abdulai.pdf

- Ramlee Mustapha and Abu Abdullah (N.Y), Malaysia Transitions toward a Knowledge-Based Economy from The Journal Technology of Studies.

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