Introduction
What Is Smart Economy? Smart economy is defined as a favourable environment for economic growth, overcoming economic challenges, crea�ng new jobs as well as establishing new & produc�ve technology businesses which are regionally a�rac�ve, compe��ve and innova�ve. Smart Economy embraces entrepreneurships with market flexibility that respond to and intergrate global needs and demands. Focus Areas • Crea�on of the ‘green technology’ by developing ‘green companies’ • Promo�on of distributed renewable energy producer • Implementa�on of the digital economy • Encouraging the development of automa�on, robo�cs, instrumenta�on and sensors technologies. • Establishment of innova�on clusters and coopera�on to promote innova�ve products and services. Characteristics • Developing individuals who are talented, mul�-skills, and flexible • Business processes that are innova�ve, produc�ve and efficient • Inves�ng in digital infrastructure to fuel sustainable economic growth • Considering the welfare of community and incorpora�ng good prac�ces in managing resources and waste
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Understands its economic DNA and economic potential.
Driven by innovation and supported by cutting-edge research.
Highly values creativity and welcomes new ideas.
Enlightened entrepreneurial leadership.
8 7 6 5 Thinks locally, acts regionally, and competes globally. Experiments, supports and promotes sharing economy. Is prepared for challenges and opportunities of economic globalisation. O ers its citizens diverse economic opportunities.
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Makes informed investments on its strategic assets.
Develops and supports compelling national brands.
Insists on balanced and sustainable economic growth.
A destination that promotes tourism.
16 Welcomes
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High flexibility of labour market.
Excels in productivity.
Is resourceful and finds solutions to problems.
human resources that enhance its wealth.
Figure 2-1: Smart Economy Attributes
8 | Malaysia Smart City Outlook 2021 - 2022
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