'The actual figure should be about 20% to 25% of GDP if there were enough trained workers to meet industry needs' theSun theSundaily news Malaysia labour economics business GDP gdpgrowth
Experts have stressed that TVET is pivotal in providing the skilled workforce required for economic transformation and next stage growth. – BERNAMAPIXMismatch in the skills required by industries and the qualifications of graduates are so wide that it would impact foreign direct investments .
“Inadequate skills in the workforce have seen local investment hover in the region of 16% to 17% of gross domestic product . “This is where technical and vocational education and training comes into play. Technical schools can produce skilled students who focus on industry needs. It is also important for such schools to constantly upgrade their programmes and adapt to the ever-changing needs of a skilled workforce.”
Federation of Malaysian Manufacturers president Tan Sri Soh Thian Lai said a high quality, relevant and TVET-trained workforce has a key role in the realisation of the nation’s economic and industrial transformation goals, adding that a globally competitive labour force that can adapt and adjust to IR4.0 technologies is critical to driving economic growth.
He said the industry is currently facing a critical skilled labour shortage, which is a pressing issue, adding that there has been an acceleration in technological transformation, especially during the Covid-19 pandemic when many companies were forced to implement digital strategies to adapt to the “new normal” over a short period to maintain competitiveness.
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