Malaysia is a country that has been steadily growing its economy over the years. With its diversified economy, Malaysia has a lot of potential for the growth of various industries in 2021. As such, it’s essential to keep an eye on the big industries that will be at the forefront of driving the country’s economic growth in the coming year. Here’s a list of top industries to watch out for in Malaysia in 2021.
1. Technology
Malaysia has been gradually moving towards becoming a technology-driven economy, and 2021 will only see this trend further pick up steam. The recent pandemic has forced many businesses to go digital, which will speed up the growth of this industry. Malaysia is already home to numerous tech firms and startups, and the government is actively promoting this sector by encouraging investment and creating an enabling environment for innovation.
2. Renewable Energy
The Malaysian government has set a target to achieve a 20% reduction in greenhouse gas emissions by 2030, and this has resulted in an increased focus on renewable energy. The country has a lot of potential in the solar, wind, and hydro-energy sectors, all of which are likely to see significant growth in 2021. Many local and international firms have already invested in renewable energy in Malaysia, and more are expected to follow suit.
3. Healthcare
2020 has highlighted the critical need for a robust healthcare system, and Malaysia is no exception. The pandemic has put immense pressure on the country’s healthcare infrastructure, making it necessary to invest in this sector. Government initiatives, coupled with increasing private-sector investments, are expected to fuel growth in this industry in 2021.
4. Construction
While the construction sector has been experiencing some challenges due to the pandemic, it is still a crucial segment for Malaysia’s economy. The government has announced various infrastructure projects aimed at strengthening the country’s transportation, energy, and tourism industries, all of which will drive growth in the construction sector.
5. E-commerce
The e-commerce industry in Malaysia has been growing steadily for some time now and is expected to continue to do so in 2021. The pandemic has led to a shift in consumer behaviour towards online shopping, and more people are likely to continue buying online even after the pandemic subsides. This presents a significant opportunity for local and international businesses to invest in this industry.
In conclusion, Malaysia has several industries poised for growth in 2021. Technology, renewable energy, healthcare, construction, and e-commerce are all top industries to watch out for in the coming year. By prioritizing these sectors, the country can strengthen its economy, create more employment opportunities, and improve the quality of life for its citizens.
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