Malaysia could become high-income nation by 2029 as tech drives exports, says deputy minister

GEORGE TOWN, Aug 14 — Malaysia has the potential to achieve high-income nation status within the next two to three years, according to Deputy Investment, Trade and Industry Minister Sim Tze Tzin. The country is currently classified as an upper middle-income nation, but recent economic developments indicate a positive trajectory.

Sim highlighted Malaysia's trade performance in the first half of 2026, which saw a 22.4% rise to RM1.79 trillion. Exports expanded by 27.5% to RM971.6 billion, while imports stood at RM824.44 billion, resulting in a trade surplus of RM147.15 billion. This positive trend was further reinforced by the record-breaking RM340.88 billion in trade during June, the highest monthly tally in Malaysia's history.

Over half of the country's exports in the first six months of 2026 were technology-based products, with electrical and electronic (E&E) products accounting for 42.5% of exports and machinery and equipment contributing 12.6%. Sim emphasized that the nation is gradually becoming a technological country, with E&E, machines, and high-tech products making up more than half of total exports.

This accomplishment should inspire Malaysians to maintain their patriotic spirit and strengthen unity to accelerate the country's development. The minister added that in the past seven decades of independence, Malaysia has undergone a significant transformation, moving from an economy dependent on traditional sectors to one with growing technological capabilities.