To climb the technological ladder, he said, Malaysia needs to become a more technology-based society.

“Foreign direct investment is important, but we need the infusion of technology and a move towards innovation,” he said at the East Asia & Pacific Chief Economist panel discussion today.

Asked when Malaysia could achieve high-income status, Liew said the World Bank’s measurement of US$15,000 (RM70,797) gross national income per capita is “within reach”.

However, he said it is not just about hitting a numerical target but transforming the economy into a dynamic, vibrant and technologically advanced one.

Reflecting on past aspirations, Liew noted that in 1994, Malaysia aspired to match the technological progress of South Korea or Taiwan.

“We are still asking the same question, whether we can be a lot more like South Korea or Taiwan in terms of technology.

“Today, China has leapfrogged in terms of technology and they are also now an innovator. We have to be an innovator, but in order to be one, we need to infuse technology,” he said.

Liew also highlighted the importance of the Madani economic framework, which aims to elevate Malaysia’s economic status by fostering technological advancements.

“For the first time in many years, we have a clear economic policy framework. This framework is about raising both the ceiling and the floor.

“We want the Malaysian economy to climb the technological ladder, to become a much richer but, at the same time, a much more technologically driven society,” he said.

World Bank lead economist for Malaysia Apurva Sanghi said Malaysia would reach high-income status by 2028-2029.

He said one of the factors that determine the high-income threshold for the country is the Malaysia-US dollar exchange rate.

“Had the ringgit/USD maintained at RM4.00 to a dollar in 2020, Malaysia would have reached high income status today,” he said.