Prof Dr Yeah Kim Leng asyik lalok dadah apa ? FDI 2021 Malaysia RM306.5 bilion dia bilang hanya RM48.1 bilion

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[color=black !important][size=1.4em]Graduates mismatch affecting investments

[size=1em]Rajvinder Singh

• 09- 07- 2022 08:13 AM
  

[color=black !important][size=0.75em]Experts have stressed that TVET is pivotal in providing the skilled workforce required for economic transformation and next stage growth. – BERNAMAPIX


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PETALING JAYA: Mismatch in the skills required by industries and the qualifications of graduates are so wide that it would impact foreign direct investments (FDI).

Malaysia currently records the lowest FDI in Southeast Asia. In 2021, Malaysia attracted just RM48.1 billion while Indonesia had RM130 billion, Thailand received RM90 billion, Vietnam closed RM130 billion and the Philippines signed up RM48.5 billion.

Sunway University economist Prof Dr Yeah Kim Leng said while the country embraces the digital economy and requires highly skilled workers, educational institutions have yet to meet the challenges.

“Inadequate skills in the workforce have seen local investment hover in the region of 16% to 17% of gross domestic product (GDP).

“The actual figure should be about 20% to 25% of GDP if there were enough trained workers to meet industry needs,” Yeah said, adding that if no action is taken to provide skilled workers, the structural integrity of the nation’s economy would be hurt.

He attributed the problem to universities producing more liberal arts and general degree graduates instead of those who are technically qualified.

“This is where technical and vocational education and training (TVET) 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.”

He said it was important for TVET institutions to pay close attention to industry needs, as the inability of the country to provide a highly skilled workforce has seen a drop in FDI.

Yeah also said investors are unwilling to expand funds if they are unable to get the workforce they require, adding that FDI have remained relatively low in Malaysia compared with the rest of Southeast Asia due to the scarcity of skilled labour.

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.

“TVET is pivotal in providing the skilled workforce required for economic transformation and next stage growth. A pool of highly trained TVET graduates will be a key determinant in attracting investments, supporting the knowledge-based manufacturing ecosystem and driving innovation and productivity in a high-technology and high-value-added manufacturing environment,” said Soh.

“To become a high-income economy, a skilled workforce is vital. Increasing enrolment in TVET and raising the training quality is the key to supporting 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.

“This shift has placed a huge demand for skilled manpower. As the country moves towards a more knowledge-based, high-technology and high-value-added economy, there is added demand for skilled labour. Reliance on TVET workers is increasing as skilled ones are required in almost all sectors.”

Soh said ongoing efforts in promoting TVET education and career pathways must be enhanced and intensified through collaborative initiatives between skills institutes and industries.

He said this would help build up a pool of skilled manpower with the right fit that industry requires.

“Industries are increasing their efforts in collaborating with TVET institutions to train students to enhance their employability and provide skilled workers.

“The TVET route provides a clear career path for skilled workers to further their studies and secure jobs that are highly technical and in demand to support economic growth.”