Kuala Lumpur, Mon- Malaysia should now focus on tapping into the estimated RM2 billion annual market potential of herbal medicines,toiletries and cosmetics,the Malaysian Industry-Government Group for High Technology (MIGHT) recommended today.

MIGHT joint chairman (private sector) Tan Sri Tajudin Ramli said that given the vast natural resources of the country ,it was timely for Malaysia to exploit its traditional " root" and expertise in herbal medicines,toiletries and cosmetics.

The joint Government private think tank has set up a MIGHT product to look into this possibility.

Tajudin said this was a spin-off from a study to come up with a pharmaceutical Action Plant which has been complete and would be presented to the Health Minister.

He said this in his welcoming address at the start of the Fourth Annual General Meeting of MIGHT at the prime Minister’s Department here.

Tajudin also announced certain decision taken by the group’s board of directors in its mission of harnessing technology for sustainable development in the country.

The first was the establishment of a "Prospecting Committee"under the the chairmanship of Datuk Sharil Shamsuddin the president and chief executive office of Sapura Group.

Tajudin said an investment committee was also set up to provide guidance supervision and transparency on all investment activities of MIGHT.

"For the aerospace industry,the office of the Chief Secretary to the Government is currently evaluating the proposal with respect to the membership and management of the National Aerospace Council before convening the first meeting of the council ," Tajudin said.

In the automotive sector,he said there were recommendations for the establishment of a national policy to position the industry to position the industry to effectively face " competitive pressures" from the ASEAN Free Trade Area (AFTA) and the World Trade Organisation (WTO).

Toward realisation of Malaysia’s ambition to be a Transportation Hub,there have been recommendation regarding an appropriate incentive package.

"The Board has also decided that MIGHT will look into development of tourism, particularly new approaches such as eco-tourism, agro-tourism and health tourism," Tajudin said.

He said that in mature economies a knowledge economy was fast replacing the industrial economy just as the latter replaced the agricultural economy more than a century ago.

"The evolving knowledge economy has important implication for both policy makers and businessmen.

" In fact,now in many countries companies are creating knowledge management programmes and even appointing chief knowledge officer. I strongly urge our corporate sector to recognise the importance of knowledge."

Source : Patvinder Singh, New Straits Times, 27/4/1999