KUALA LUMPUR (May 31): Malaysia is on track to achieve its target of becoming a high-income economy by 2020 and 3.7% growth in labour productivity at RM92,300 then on government and private sector collaboration, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.

Mustapa said the Government recognised the importance of productivity growth to achieve the country's economic aim.

He said, "Enhanced collaboration, cooperation and communication between the private and public sectors are critical to improve our productivity implementation, enforcement and outcomes."

Mustapa said this at the launch of Malaysia Productivity Corp's (MPC) 2016/2017 productivity report here today. MPC is an agency under the International Trade and Industry Ministry.

In the report, MPC said the country's labour productivity grew 3.5% to RM78,218 in 2016 from RM75,548 in 2015.

MPC said: "Productivity remains the main driver of Malaysia's economic development as reflected in various strategies of the 11MP (2016-2020)."

"Malaysia's approach to productivity will shift from the primarily Government-driven initiatives at the national level to targeted actions across the public sector, industry players and individual enterprises, with champions identified to become role models of change and ensure buy-in across various stakeholders," MPC said.