Focus on specific industry clusters

Focus on specific industry clusters: Nor 2009/10/05
MALAYSIA needs to develop and strengthen industry clusters in areas that will be drivers for the country's future growth, Minister in Prime Minister's Department, Tan Sri Nor Mohamed Yakcop said today.He said the areas included Islamic finance, downstream palm oil and higher value added electronics industries." In recovering from the current global financial crisis and transforming our economy, it is imperative for us to act quickly and seize early mover advantages."" Emerging as a regional or even global centres or clusters in key areas will provide a resilient and sustainable platform for future growth," he said.Nor Mohamed said this in his keynote address entitled, "Lessons From Beyond the Dismal Science" at the opening of Khazanah Megatrends 2009 here.Nor Mohamed also said Malaysia's relatively small economy should remain adaptive to the changing global environment and build upon strong symbiotic relationships." The crisis has accelerated the trend of global growth centred in Asia, particularly in China, India, Indonesia and the Middle East. Malaysia is uniquely primed to benefit from the emerging new world order," he said.He added Malaysia was also well positioned in Asean and Asia and can forge partnerships with other countries to jointly access regional markets for halal products and Islamic finance.On another note, Nor Mohamed said there was a need for continuous and appropriate policies to tackle the present economic cycle." The lesson history teaches us is that cycles of boom and busts will continue to occur going forward." Investment history tells us that bubbles are forever. The only question is where and when they emerge," he said. - Bernama