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Friday March 31, 2006

Competitiveness vital

INVESTMENTS from the technology- and innovation-driven industries are expected to be the main driver for the manufacturing sector's overall growth, which in turn could contribute to greater exports and generate more employment opportunities in the country.

The sector is targeted to grow by an average of 6.7% annually during the 9MP period, up from 4.1% in the 8MP period. The focus is to ensure its robust and sustainable growth as well as its competitiveness.

The higher growth rate is projected to boost the share contribution of the manufacturing sector to gross domestic product (GDP) to 31.8%, from 30.8% during the 8MP period. This will require substantial investments in new and emerging manufacturing activities and manufacturing-related services.

There is also a need to increase the volume of domestic private investments, with the private sector and government-linked companies in particular being encouraged to take up new investment opportunities.

Exports, however, will continue to lead the growth of the manufacturing sector, with export of manufac- tured goods expected to expand by 9.3% per year during the 9MP.

9MP efforts for the manufacturing sector will be focused on the development of largely science- and innovation-based activities, especially biotechnology and the information and communication industries to diversify the manufacturing base.

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