The re-tabled National Budget 2023 demonstrates Malaysia’s commitment to driving positive growth for the country and advancing the digital economy vision. The allocations announced by the Prime Minister and Minister of Finance Datuk Seri Anwar Ibrahim themed “Membangun Malaysia Madani (Developing Malaysia Madani)” prioritize people development, foster a more robust talent market, strengthen industry-academia links, and aim to bridge the digital divide.
Skilling the workforce for the new future of work
Producing a skilled workforce continues to be a key agenda in the new budget with an increased focus on addressing employability. We welcome the incentives around workforce training and development programs – including HRDCorp’s RM1 billion fund towards skills training programs for registered employers with accumulated levies and RM40 million allocated through SOCSO to benefit 30,000 gig workers. These will further encourage Malaysian companies to fast-track digital transformation, upskill and reskill talent from within to stay ahead in the region’s rapidly changing digital landscape.
Digitizing higher ed
Education took center stage in the Budget 2023, as the Education Ministry received the most significant allocation of RM55.2 billion. The strong digital push for education will lay a solid foundation for a modern skill development ecosystem in Malaysia.
The pandemic accelerated digitization of education, making online learning crucial for a more inclusive and accessible education model. We are already seeing higher education institutions in Malaysia successfully supplement campus offerings with cutting-edge online courses taught by experts worldwide. With the government propelling the adoption of online learning through initiatives like Malaysian Research & Education Network (MYREN) programme to improve internet connectivity in higher educational institutions and the distribution of 50,000 laptops for schools to facilitate digital teaching and learning, we’re excited about this momentum spreading across the country and supporting more universities to build Malaysia’s young and competitive workforce.
Connecting opportunities
The realization of Malaysia’s digital-first nation vision hinges on the government’s crucial initiatives to enhance the digital technology infrastructure, including achieving complete internet coverage in densely populated regions by 2025. The allocation of RM725 million to the JENDELA digital infrastructure project is a great step towards enabling universal connectivity and device access which can have a dual impact on Malaysia’s education and employment landscape. While fostering an inclusive education system, this will further contribute to the growth of a skilled remote workforce capable of meeting the talent requirements of diverse industries. By doing so, not only can employers benefit from a more extensive pool of talent, but it can also open up new avenues for Malaysians seeking greater workplace flexibility.
Growing the participation of women workers is critical to unlock sustained economic benefits, including an increase in annual GDP. We welcome the allocation of RM290 million to encourage an estimated 130,000 women including new mothers to return to the workforce and promote economic mobility. We are positive this will help more women to embrace online learning to develop new skills that can help accelerate their return to work and promote economic mobility.
With the groundwork in place for digitization and the emergence of a digital ecosystem, policymakers, educators, and employers in Malaysia can work together harmoniously to support Malaysia’s growth, and Coursera is proud to be a part of this transformative journey.
