KUALA LUMPUR: Malaysia is capable of reaching levels similar to that of a developed nation like South Korea, within the next five to eight years.
This, independent think tank EMIR Research says, is thanks to the nation's abundant natural resources and energy which would empower Prime Minister Datuk Seri Anwar Ibrahim's MADANI Economy framework.
President and CEO of EMIR Research, Datuk Dr Rais Hussin, stated that Malaysia can also emulate South Korea, which successfully altered its direction and economic policies through innovation, high income, and the use of cutting-edge technology, thus driving development and attaining a developed nation status at present.
"If we look at companies like Samsung in South Korea, for instance, they have 50,000 PhD holders who are researchers, the highest number in the world. This shows that they started their efforts a long time ago (in the 1980s).
"That's why we need to follow in South Korea's footsteps, including in terms of progressive and minimum wages, so that we can retain exceptional talent and address the national brain drain situation where professionals immigrate abroad for better salaries," he said on the programme, 'Apa Khabar Malaysia' (What's Up Malaysia) on Bernama TV on Tuesday.
Rais also noted that the current government is focused on efforts to balance the needs of economic development while simultaneously assisting the extremely poor and those in need, including micro, small and medium-sized entrepreneurs.
"If we observe, the government, through Economic Minister Rafizi Ramli, has also emphasised operational solutions to improve the people's living standards, including increasing the percentage of worker income to 45 per cent from the current 35 percent.
"Unlike previous governments that often highlighted mega projects, large-scale projects without knowing what the outcome would bring... sure, the GDP increases, but does that portion of the GDP return to the people or not? We don't see that part happening," he said.
Rais is confident that with strong political determination, prudent financial management, integral and trustworthy governance, the framework of the Madani Economy can be realised, propelling Malaysia towards its desired goals.