Malaysia's Finance Minister Lim Guan Eng has assured civil servants there will be no job losses when the civil service is privatised, Bernama reported.

Speaking at the Invest Malaysia 2019 capital market forum in Kuala Lumpur yesterday (19 March), Minister Lim referred to the eighties when workers under Telekom Malaysia (TM) were moved to the new corporatised TM following the company's privatisation.

He said: "At that time, that helped to reduce the number of workers in civil service."

As for the timeline of when the civil service will be privatised, Minister Lim said it would depend on a proposal and a discussion with the affected employees.

He explained: "I would like to say now, that this is something that is in progress. It will not be done quickly or immediately without giving regard to the concerns of all the stakeholders."

The full list of government agencies to be privatised will be announced at a later date by Prime Minister Tun Dr Mahathir Mohamad, he added.

Malaysia prepares to be an early mover of IR4.0

In other news, a recent report by the Malaysian Investment Development Authority (MIDA) has revealed the nation's eagerness to be an early mover of the fourth industrial revolution (IR4.0).

Titled 'Malaysia Investment Performance 2018', the report highlighted that in line with this, MIDA has been actively encouraging companies to jumpstart their own digital transformations, by organising awareness programmes such as seminars, pocket talks and B2B meetings over the years.

Further, the organisation has undertaken measures to support the development of an agile and skilled workforce, capable of supporting businesses in this rapidly evolving environment.

According to the report, this is an especially important move due to the high rate of innovations, changes and uncertainty brought about by emerging technologies and industry models.

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