Shared, Services, Industry, Malaysia
Shared services industry to play a big role in Malaysia
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The Government of Malaysia will implement wide-ranging measures to boost the country’s competitiveness in the shared services and outsourcing industry, said Prime Minister Datuk Seri Abdullah Ahmad Badawi.
The effort would be focused on enhancing the attractiveness of the Multimedia Super Corridor (MSC) as a preferred location for these activities, he added.“The Government will continue to promote the MSC as the global hub for companies seeking to establish and grow shared and other high-value-added services,” he said in his keynote address at the MSC International Advisory Panel Business Summit 2004 yesterday.
The global shared services and outsourcing industry is expected to be worth US$500bil (RM1.9tril) by 2008. There are currently 49 local and foreign companies in the local shared services and outsourcing sector, which have invested over RM1bil and created about 8,000 jobs in the MSC.
This sector would play a major role in the second phase of the MSC’s development running from this year to 2010, Abdullah said, adding that at least 100,000 jobs would be created in the industry by the end of the period.
To ensure that the target would be met, the Government was taking a multi-pronged approach that included lowering training and certification costs and doing more to “revitalise the science and technology component of the country’s education system,” he added.
Local companies would be given the opportunity to participate in global-level projects while the Government would reduce financing costs for them, as well as ease access to foreign talent.
The Prime Minister said incentives would also be given for shared services companies to partner local technology companies.
Malaysia had also been recognised as the third-most attractive location for shared services and outsourcing by leading consultancy firm A.T. Kearney, he added.
“We must now move quickly and take advantage of this opportunity to build a stronger brand name for itself around its offshore capabilities,” said Abdullah.
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