Malaysia Can Achieve High-Income Status In 3 Years - Sim
GEORGE TOWN, Aug 14 (Bernama) -- Malaysia has the potential to achieve high-income nation status in the next two to three years if the people continue to work hard and remain united in driving the country's progress.
Deputy Investment, Trade and Industry Minister Sim Tze Tzin said Malaysia is currently classified as an upper middle-income country, and recent economic developments, including the country's trade performance, indicate that it is moving in a positive direction.
He said such confidence was underpinned by the nation’s trade performance in the first half of 2026, were it rose by 22.4 per cent to RM1.79 trillion.
“Exports expanded by 27.5 per cent to RM971.6 billion while imports stood at RM824.44 billion, leading to a trade surplus of RM147.15 billion,” he said to reporters during the Jalur Gemilang flag distribution ceremony in conjunction with the upcoming Merdeka Day here today.
Sim, who is also the Bayan Baru member of Parliament, said trade in June had reached RM340.88 billion -- the highest monthly tally recorded in the nation's history -- and added that more than half of the country's exports in the first six months of this year comprised technology-based products.
He said the country's export structure has also undergone a significant transformation, with electrical and electronic (E&E) products -- including semiconductors -- accounting for 42.5 per cent of exports, while machinery and equipment contributed 12.6 per cent.
“We're slowly moving towards becoming a technological country, with E&E, machines, and high-tech products accounting for more than half of our total exports. So this is a success story for Malaysia,” he said.
Sim said this achievement should motivate Malaysians to continue nurturing the spirit of patriotism and strengthening unity in accelerating the country’s development.
He added that in the nearly seven decades of independence, the country has undergone a major transformation, from an economy that once depended heavily on traditional sectors to one with growing technological capabilities.
-- BERNAMA