Malaysia is fully embracing the digital economy; Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz states that the country has approved investments totaling RM255 billion (US$53.3 billion) with approximately 70% of that amount going into this quickly expanding industry.
In an interview with CNN, he stated, “We have AI factors, that is what we call it now, instead of data centers,” and mentioned how companies like Nvidia have expressed a strong desire to create a presence in Malaysia to support the advancement of AI.
He emphasized that while there are worries about the effects AI will have on society, it is essential for increasing productivity in a variety of vocations. He remarked, “Given the advancement in technology, particularly generative AI, jobs of the future may be very different.” There are numerous additional job functions that AI will impact. So, in order to prepare for the new jobs of the future, we must make sure that employees receive reskilling and upskilling.
The US tech giant Nvidia Corporation has expressed support for Malaysia’s AI goals and plans to help build the nation’s AI ecosystem. According to the New Straits Times, this includes building Malaysia’s AI cloud computing system and a center of excellence for AI learning and research.
In relation to recommendations for raising the minimum wage in all ASEAN countries, Tengku Zafrul emphasized the significance of coordinating salary increases with increases in production. “I am emphasizing investment in the green and digital economy because it increases the economic complexity of a country and its industries. We must ensure that any increase in wages is linked to increasing productivity,” he stated.
He also brought up conversations about progressive salaries, suggesting a change in the focus from tying wages to increases in productivity. “We can only accomplish this by raising production. Therefore, in order to execute an increase in compensation, organizations must relate wages to productivity,” the speaker said.
