13/11/2012 (Bernama) -- Malaysia was more in focus with its engines of economic growth since under the leadership of Prime Minister Datuk Seri Najib Tun Razak.

Adviser of the World Chinese Economic Forum (WCEF), Datuk Seri Dr Chua Soi Lek said Malaysia's development was more focus now with the 12 National Key Economic Areas (NKEA).

He said developing countries need to focus on their strengths as the engines of growth and failing to obtain the target will lead to lack of success and development.

Chua pointed out the successful and growing Australian economy due to its emphasis on education, healthcare and environment, which are advantageous to its economy.

"Malaysia's focuses are similar with Australia and for the middle-income group to rise, there should be more focus on healthcare, education and the environment," he told Malaysian reporters at the fourth WCEF, here today.

The Malaysian government outlined 12 NKEAs to drive the highest possible income in order to tranform the country into a high-income and developed nation by 2020.

It covers 11 industries and one geographical territory namely oil, gas and energy; palm oil; financial services; tourism; business services; electronics and electrical; wholesale and retail; education; healthcare; communications content and infrastructure; agriculture; and the greater Kuala Lumpur/Klang Valley.

Meanwhile, commenting on the fourth WCEF, Chua said Australian investors should tap the business and investment opportunities in Asean as its output size is likely to be the same as the United States and European Union markets by 2020.

Chua said Malaysia should enhance collaboration in terms of economic and social matters with Australia amid its strategic position and advantages within the Asean region.

Malaysia is Australia's 10th largest trading partner, with two-way trade worth A$16 billion in 2011.

Organised by the Asian Strategy and Leadership Institute (ASLI), the fourth WCEF was held outside Malaysia for the first time, and is aimed to promote closer linkages between China and Southeast Asia as well as Australia and the global Chinese diaspora.