Question

Write an essay about how high skilled workforce readiness could support Malaysia’s transition to a knowledge, technology and innovation intensive economy.

Answer 1

Malaysia is the 35th largest economy in the world. After receiving independent status, Malaysian economy was mainly occupied by the two sectors of Agriculture and commodity based industries. It also ranked as 3rd largest economy in the South-Asian countries. Such traditional oriented economy is gradually transformed into knowledge, technology and innovation intensive economy through labor-intensive support services. Let us explain the facts briefly.

Malaysia has the largest power generating plant generating 420 transmission and considered as the largest public electric utility manufacturing public sector unit in the South-Asia. It also holds 92.3 billion assets and fulfill the power needs for many electronic and technology-based manufacturing sectors in the Malaysia. Other infrastructure facilities like Rail and Road transports are accounts to about 144,403 kms coverage of roads and also rail route coverage accounts to 11 states of Malaysia and also 110 Airports are constructed in order to easy movement of goods and services for smooth trade purpose and also for passengers transportation.

Such infrastructural facilities are acts as a back bone for the grown industries with the advent of transforming and adopting the new techniques as well as many innovative system. Such transformation are done with the system of effective labor force. Many factories employed large skillful employees of the same country and also many foreign employees are also offered jobs in order to use their skills in the optimum way. Labor Force Participation Rate (LFPR) has revealed the statistical data that 68.3% of the labor force were employed in all the factories running the Malaysian country either in private or public type of companies. Overall among the 30 million population, 15.3 million people are working as a labor force in the country. Such employees are also had relevant qualification proving the rate of mass literacy rate in the country. All above facts are proved the transformation of technology and innovative techniques.