5G likely to create 39,000 jobs, says Bursa chairman

Communications and Multimedia Minister Saifuddin Abdullah and Bursa Malaysia chairman Abdul Wahid Omar (third and fourth from left) at the opening of the Invest Malaysia 2020 – Virtual Series 3. (Bernama pic)

KUALA LUMPUR: The implementation of 5G is expected to create 39,000 jobs, shifting the workforce landscape towards higher-value skills, said Bursa Malaysia Bhd chairman Abdul Wahid Omar.

He said the economic impact of 5G on the Malaysian economy was expected to be substantial with its deployment acting as a catalyst for the country’s productivity and growth.

Additionally, he said, a recent study by the Malaysian Institute of Economic Research revealed that 5G had the potential to contribute an additional RM12.7 billion to the nation’s gross domestic product over five years between 2021 and 2025.

“Industry 4.0 (IR 4.0) and 5G implementations are not just on the near horizon. They are here offering opportunities with the promise of speed and responsiveness that will undoubtedly usher in new products, new services and revolutionary ways of doing things,” Wahid said in his welcoming address at the Invest Malaysia 2020 – Virtual Series 3 here today.

He said the linking of millions of digital devices and the creation of new services around those devices would transform the way people live and how businesses, governments and even exchanges operate.

“We need to provide the assuredness that our efforts, as corporates, regulators and financiers, are working in tandem to ensure Malaysia takes advantage of the opportunities this new wave of 5G and IR 4.0 technology will provide,” he said.

In the world of fast-moving telecommunications technology and industrial automation, he said, looking holistically at a company and determining if the organisation had the right human capital to deploy advanced technology, combined with the right governance practices in place, could be argued to be as important as its financial grounding.

“Malaysia’s listed companies need to be at the forefront of using technology innovations to ensure our nation remains vibrant and our capital market remains Asean’s leading marketplace,” he said.