Latest news with #ProfessionalServicesProductivityNexus
Barnama
15-07-2025
- Business
- Barnama
Malaysia's Professional Service Records Highest Productivity Since 2020
BUSINESS KUALA LUMPUR, July 15 (Bernama) -- Malaysia's Professional Services sector continues to perform well, recording its highest productivity growth in the past five years, reaching RM94,964 per employee this year, compared to RM89,748 in 2023. The Malaysia Productivity Corporation (MPC), in a statement today, announced that the sector's productivity is now close to the national average of RM100,000, positioning it as one of the key contributors to the country's economic growth. "This achievement demonstrates the effectiveness of the Professional Services Productivity Nexus (PSPN) implementation strategy, which focuses on key subsectors such as legal, finance, engineering, architecture, management and advertising," it said. MPC Director-General Datuk Zahid Ismail said the sector's strong performance reflects the important role of the Professional Services subsector in supporting economic growth, especially through greater digitalisation, workforce skills enhancement and improved regulatory efficiency. "MPC is committed to seeing this subsector not only meet but surpass national productivity benchmarks, becoming a leading example of high-performance practices in the country,' he added. He said the increase in productivity also signalled that Malaysia is on the right track to becoming a regional leader in professional services. Meanwhile, PSPN chairman Ir Choo Kok Beng stated that the positive growth was the result of strong collaboration between the public and private sectors, alongside the contributions of training institutions in providing an ecosystem that encourages innovation and resilient economic development. 'We are confident that this subsector is capable of building a sustainable ecosystem that promotes innovation and supports resilient economic growth,' he said. MPC reiterated its commitment to continue to strengthen the subsector through strategic approaches and targeted interventions so that the professional services sector remains a catalyst for Malaysia's economic sustainability.
New Straits Times
15-07-2025
- Business
- New Straits Times
Professional workers deliver RM95,000 each in 2025, highest in five years
KUALA LUMPUR: Malaysia's professional services sector reached a five-year high in productivity in 2025, with each worker contributing an average of RM94,964, up from RM89,748 in 2023. The Malaysia Productivity Corporation (MPC) said this was the sector's strongest performance since 2020, bringing it close to the national productivity benchmark of RM100,000 per worker. It attributed the improvement to targeted reforms and joint efforts under the Professional Services Productivity Nexus (PSPN), which covers key sub-sectors including law, finance, engineering, architecture, management consulting and advertising. "This achievement is a testament to the strategic interventions we've made across the sector," MPC director general Datuk Zahid Ismail said in a statement today. "The professional services sub-sector plays a critical role in driving the economy. Through greater digitalisation, a highly skilled workforce and regulatory efficiency, Malaysia is well-positioned to become a regional leader in professional services." He said MPC's ambition goes beyond simply meeting the national benchmark, with the goal of making the sector a model for high-productivity practices across the economy. "We're pushing to exceed the RM100,000 per worker benchmark and lead by example," he added. PSPN chairman Choo Kok Beng said the rise in productivity was driven by strong synergies between technology adoption, public-private partnerships and strategic collaboration with training institutions. "We're confident that this sub-sector can create a sustainable ecosystem that fosters innovation and supports long-term economic growth," he added. MPC said it will continue to strengthen the sector through focused planning, policy support and capacity-building initiatives aimed at enhancing Malaysia's global competitiveness. "In the face of intensifying global competition, we remain committed to empowering the professional services sub-sector. This is about building resilience, accelerating innovation, and ensuring that Malaysia's economy is future-ready," Zahid said. The corporation also stressed that sustained productivity gains require a coordinated effort involving industry players, government agencies and training institutions. It added that the professional services sector, as a key pillar in Malaysia's journey toward high-income status, is expected to generate positive spillover effects across the broader economy as it continues to grow.
