KUCHING: The bold and sometimes unpopular moves made by the government to instigate change to its development policies have produced results, reflected in the nation's economic growth.
Sharing Malaysia’s success stories during the opening of the 13th World Islamic Economic Forum (13th WIEF) today, Prime Minister Datuk Seri Najib Razak cited how the government’s Economic Transformation Programme (ETP) introduced seven years ago have changed the socio-economic landscape of the country.
Najib, who is also the Finance Minister, said that since its inception, the ETP has created 2.26 million new employment opportunities as well as raised the country’s Gross National Income by almost 50 per cent.
“Hasn’t the programme kept inflation and unemployment low, putting Malaysia in the path of reducing the deficit from 6.7 per cent in 2009 to three per cent this year?
“It has, along with the efforts of millions of hardworking Malaysians, indeed it has done so,” said Najib when delivering his keynote address today.
Among those in attendance were Comoros vice-president Djaffar Ahmed Said Hassani, Republic of Tatarstan president Rustam Nurgaliyevich Minnikhanov, Morocco Head of Government Dr Saad Eddine El Otmani, and Islamic Development Bank vice president Dr Mohamed Nouri Jouini.
Also present were former prime minister Tun Abdullah Ahmad Badawi, who is also WIEF founder; and WIEF Foundation chairman Tun Musa Hitam.
Malaysia, said Najib, was also ranked first among 73 countries in the Global Islamic Economy Indicator in the State Global Islamic Economy 2016/207 reported prepared by Thomson Reuters.
“Malaysia was awarded first place with a score 50 per cent higher than the second-placed country (The United Arab Emirates).
“In the six sub sections, Malaysia was also placed first for Islamic finance and second for halal travel, halal pharmaceuticals and cosmetics,” he said adding that the report described Malaysia as having “the best developed ecosystem for Islamic finance and having strongest regulatory framework”.
He said Malaysia also managed to generate USD2.3 billion (RM9.53 billion) from the e-commerce sector as the country gears towards to become a regional e-commerce hub through the establishment of its Digital Free Trade Zone.
Despite its achievements, Najib said Malaysia, just like other nations, cannot afford to remain static due to the demands of the Fourth Industrial Revolution (4.0 Revolution).
“If we do not adjust our policies, our nation loses its competitive edge and gets overtaken by other countries. We are a responsible government and responsive to disruptive change. Sometimes that will mean instigating change,” he said.
The prime minister highlighted the importance of revamping the education system in order for any country to embrace Revolution 4.0 and prepare for a different world.
“We must equip our young people with higher order thinking skills so that they are open-minded, creative and innovative, and ready to adapt to jobs that are not yet even in existence yet today,” he said.
Recognising the importance of preserving the environment for future generations in the advent of Revolution 4.0, Najib called for a strong collaboration between Malaysia, Indonesia and Brunei to maintain the richness in natural resources and beauty of Borneo.