CMI Calls for clear regulations on artificial intelligence to drive Malaysia’s economic growth

Abdul Hamid A Rahman

KUALA LUMPUR, June 1 (Bernama) – UK-based professional management body, the Chartered Management Institute (CMI), has called for a clear regulatory framework to guide the implementation of artificial intelligence (AI) in Malaysia, reflecting the interconnected nature of the global economy.

CMI chief executive Ann Francke stressed the need for proactive regulation to harness the benefits of AI for the national economy.

“A clear regulatory framework is essential and it must be global in nature to suit our interconnected economy,” she recently told Bernama in an exclusive interview.

As AI technology becomes increasingly integrated into business operations, it is also critical to overcome fear and resistance around AI by ensuring transparent and proactive regulations, she added.

Franke stressed the importance of early government intervention to prevent the pitfalls of technological progress.

“We must learn from the past and establish both national and global frameworks to effectively regulate artificial intelligence.

“This approach will support the sustainable and beneficial integration of artificial intelligence into business operations.

“Key concerns include fear of job change, misunderstanding of the role of artificial intelligence, resistance to change and miscommunication,” she said.

Franke also noted the potential of artificial intelligence to create new jobs and increase productivity.

“Artificial intelligence, like the industrial revolution, has the potential to create new opportunities and more rewarding jobs.

“It is necessary to use artificial intelligence to increase productivity, while at the same time relying on human judgment, which remains as important as the technology itself,” she noted.

Moreover, Francke believed that the role of human capital in Malaysia’s economic development was crucial.

“Investing in management and leadership skills is key to unlocking productivity and growth.

“Malaysia’s proactive approach to skill planning and development through entities such as the Human Resource Development Corporation and TalentCorp creates a solid foundation for future success,” she said.

Discussing CMI’s strategic partnerships with stakeholders in Malaysia, Franke highlighted their role in enhancing the country’s competitiveness and economic growth.

She said CMI has 25 partners in Malaysia, mainly universities, training institutions and a few government agencies.

“This collaboration is shaping a new generation of confident and competent leaders who are essential to the country’s economic growth.

“For example, CMI’s first partner in Malaysia was Universiti Tun Abdul Razak, which played a significant role in training government officials.

“These partnerships play a vital role in equipping Malaysia’s future leaders with the skills they need to thrive in today’s competitive environment,” she added.

— BERNAMA

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