KUALA LUMPUR, Oct 8 — The private sector must take the lead in growing the economy so Malaysia can be a high-income nation, Finance Minister Lim Guan Eng said today.

Lim stressed that the government could no longer be the main driver of economic growth, as public coffers were affected by alleged excesses of the previous Barisan Nasional (BN) administration.

“Only a private sector-led growth can allow Malaysia to become a high-income economy.

“The days of the government leading us to this promised land, I think, cannot be sustained, especially when we face these fiscal challenges,” he said in his luncheon address at the Khazanah Megatrends Forum 2018 here.

But Lim also said that the federal government would play a supportive role to help private companies drive the growth of Malaysia’s economy.

“Amid challenges to public finance, this government believes that the private sector must take the lead in steering the economy forward.

“However that does not mean the government cannot play a role. The government is committed to creating an environment where the private sector can thrive,” he said.

Lim said the federal government would support the private sector when it needs to innovate to diversify their business — such as moving to different products, or going into a different place or industry.

“This needs to be a collaborative process. If there are ways in which the government can help either minimise the risks of innovation or improve the general business ecosystem in Malaysia, we will do it,” he said.

https://www.malaymail.com/s/1680512/private-sector-must-drive-malaysias-bid-for-high-income-status-says-ministe