Malaysia focuses on upskilling workforce

Provisions to upskill talents in tech in the 2023 budget will help the country’s workforce be ready for jobs of the future.
By: | October 12, 2022

Dr Sean Seah, Chairman of PIKOM, the National Tech Association of Malaysia, said, “For the tech industry to strive as the enabler for digital growth, there is an absolute need to ensure the workforce is capable of meeting industry skills and changing job demands.”

“With the RM750-million (US$161-million) allocation to upskill up to 800,000 talents, we can expect the emphasis on tech-related training courses to help not just talents in the tech industry, but across all industries to be future ready.”

The association also applauded the RM305 million (US$65.6 million) in loans for youths to start businesses and the announcement of a RM10-billion (US$2.1 billion) fund via Bank Negara Malaysia for automation, digitisation, tourism, and agriculture for the SMEs.

There is also a guarantee limit up to RM9 billion (US$1.9 billion) through Syarikat Jaminan Pembiayaan Perniagaan, a wholly-owned company of Malaysia’s Minister of Finance, to make it easier for SMEs to get financing for their respective businesses. 

READ: Employees in Malaysia saw renumeration rise in 2021

“Our members also consist of SMEs that are constantly looking at ways to remain competitive and relevant. These benefits will help encourage more SMEs to invest in upgrading their businesses in order to sustain and grow,” said Seah, reported New Straits Times.