Malaysia has the potential to enhance its overall productivity by improving artificial intelligence-related productivity, according to Minister of Investment, Trade and Industry , Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
“In R&D, process innovation is equally as important as product innovation and critical to boosting productivity,” he said. He said regulations should facilitate growth, reducing unnecessary compliance costs and resource use for businesses. “Policymakers and regulators should apply the Good Regulatory Practice approach to facilitate business, trade, and investment. Businesses, especially small and medium enterprises , should adopt technology and modern management practices to increase efficiency and minimise costs. Policymakers, companies, workers, and academicians must work together on labour market reform to ensure a demand-driven skilled workforce.
The WCR Report released by the International Institute for Management Development ranked Malaysia fourth among Asean countries after Singapore, Thailand, and Indonesia.
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