Posted at 08.10.2018
The reason for this paper is to present before you some thoughts on the future course of our nation and how exactly we should go going to attain our target of developing Malaysia into an industrialised country. Also specified are some steps that should be set up in the shorter term so the foundations can be laid for the long trip towards that ultimate target.
Hopefully the Malaysian who is created today and in the a long time would be the last generation of the citizens who'll be moving into a country that is called 'expanding'. The ultimate objective that people should shoot for is a Malaysia that is a totally developed country by the year 2020.
What, you might rightly ask, is 'a completely developed country' ? Do we want to be like any particular country of the present 19 countries that are generally thought to be 'developed countries' ? Do you want to be like the United Kingdom, like Canada, like Holland, like Sweden, like Finland, like Japan ? To be sure, each one of the 19, out of a global community of more than 160 claims, has its advantages. But each also has its fair show of weaknesses. Without having to be a duplicate of some of them we can be developed. We have to be considered a developed country in our own mould.
Malaysia shouldn't be developed only in the economic sense. It must be considered a region that is fully developed along all the sizes: economically, politically, socially, spiritually, psychologically and culturally. We should be completely developed in terms of national unity and cultural cohesion, in conditions of our economy, in conditions of sociable justice, political stability, system of federal, quality of life, social and religious values, national take great pride in and assurance.
By the year 2020, Malaysia can be considered a united nation, with a assured Malaysian contemporary society, infused by strong moral and moral values, moving into a world that is democratic, liberal and tolerant, caring, financially just and equitable, intensifying and profitable, and completely possession of an market that is competitive, strong, robust and resilient.
There can be no totally developed Malaysia until we have finally defeat the nine central tactical challenges that have confronted us as soon as of our beginning as an independent nation.
The first of these is the difficulties of establishing a united Malaysian country with a sense of common and shared destiny. This must be considered a nation at peacefulness with itself, territorially and ethnically included, living in tranquility and full and reasonable partnership, constructed of one 'Bangsa Malaysia' with politics loyalty and dedication to the country.
The second is the task of creating a psychologically liberated, secure, and developed Malaysian Society with faith and confidence alone, justifiably proud of what it is, of what it has accomplished, robust enough to face all types of adversity. This Malaysian Contemporary society must be distinguished by the pursuit of excellence, fully aware of all its potentials, psychologically subservient to none, and respected by the individuals of other nations.
The third challenge we've always confronted is that of fostering and developing a mature democratic world, practising a form of mature consensual, community-oriented Malaysian democracy that can be a model for most growing countries.
The fourth is the challenge of establishing a fully moral and ethical society, whose residents are strong in religious and spiritual beliefs and imbued with the best of ethical specifications.
The fifth task that we have always confronted is the challenge of building a matured, liberal and tolerant modern culture where Malaysians of most colorings and creeds are absolve to practise and profess their customs, cultures and spiritual beliefs yet sensing that they participate in one region.
The sixth is the challenge of building a clinical and progressive contemporary society, a society that is impressive and forward-looking, one which isn't just a consumer of technology but also a contributor to the technological and technical civilisation of the future.
The seventh obstacle is the task of establishing a fully caring contemporary society and a caring culture, a sociable system in which society will come before self, in which the welfare of individuals will revolve not round the state or the individual but around a strong and resilient family system.
The eighth is the task of making sure an financially just society. That is a society in which there is a good and equitable syndication of the prosperity of the nation, in which there is certainly full partnership in economic improvement. Such a contemporary society cannot be in position as long as there is the identification of competition with monetary function, and the id of monetary backwardness with race.
The ninth problem is the challenge of establishing a booming culture, with an economy that is fully competitive, dynamic, sturdy and resilient.
We have already come a long way on the fulfilment of these targets. The nine central aims listed need not be our order of priorities over another three years. Most clearly, the priorities of at any time with time must meet up with the specific circumstances of that moment in time.
But it would be astonishing if the first proper challenge that i have pointed out - the establishment of your united Malaysian country - is not likely to be the most fundamental, the standard.
Since much of what I am going to say today will focus on economic development, i want to stress just as before that the detailed development on the developed society that people want -however each folks may decide to define it -cannot mean material and economic progress only. Definately not it. Economic development must not become the be-all and the end-all in our countrywide endeavours.
Since this Council must concentrate on the problems of economic development and economic cultural justice, which because of this country must go hand in hand for the foreseeable future, let me extend on the conception of the central strategic challenges in regards to to both of these vital targets.
At this aspect it is well to determine in more detail the aim of establishing an economically just contemporary society.
Of both prongs of the NEP no person is from the eradication of definite poverty -regardless of contest, and irrespective of geographical location. All Malaysians, whether they live in the rural or the urban areas, whether they are in the southern, north, east or western world, must be migrated above the type of complete poverty.
This nation must have the ability to provide enough food up for grabs so that not really a solitary Malaysian is subjected to the travesty of gross under-nourishment. We should provide enough by means of essential shelter, access to health facilities, and everything the basic necessities. A developed Malaysia will need to have a wide and vigorous middle class and must provide full opportunities for those in the bottom third to climb their way to avoid it of the pit of comparative poverty.
The second prong, that of taking away the identification of competition with major economic function is also suitable except that somehow it is thought possible to achieve this without any shuffling of position. If you want to build an equitable population than we should admit some affirmative action. This will mean that in every the major and important areas of employment, there should be a good mixture of the ethnic categories that define the Malaysian country. By reliable means we must ensure a fair balance in regards to to the professions and all the major types of employment. Certainly we must be as considering quality and merit. But we must ensure the healthy development of a viable and robust Bumiputera commercial and industrial community.
A developed Malaysia should not have a culture in which economical backwardness is identified with race. This does not imply individual income equality, a situation where all Malaysians will have the same income. This is an impossibility because by sheer dint of our own individual effort, our very own individual upbringing and our individual tastes, we will all have different economic worth, and you will be financially rewarded in another way. An equality of individual income as propounded by socialists and communists isn't just not possible, it isn't desirable and is also a method for catastrophe.
But I really do believe the narrowing of the cultural income gap, through the reputable provision of opportunities, by way of a closer parity of cultural services and infrastructure, through the development of the appropriate financial civilizations and through full human being reference development, is both necessary and desirable. We must aspire by the year 2020 to reach a level where no-one can say that a particular ethnic group is inherently economically backward and another is economically inherently advanced. Such a situation is what we must work for successfully, effectively, with fairness and with devotion.
"A complete partnership in economic improvement" cannot imply full partnership in poverty. It must signify a fair balance in regards to to the contribution and contribution of most our ethnic teams - like the Bumiputeras of Sabah and Sarawak - in the high-growth, modern areas of our economy. It must suggest a fair syndication with regard to the control, management and possession of the present day economy.
In order to do this economically just population, we should escalate significantly our programs for national human resource development. There's a need to ensure the creation of any financially resilient and totally competitive Bumiputera community in order to be at par with the NonBumiputera community. There may be need for a mental trend and a ethnic transformation. Much of the task of pulling ourselves up by our boot-straps must be done ourselves. In doing work for the correction of the economic imbalances, there needs to be the fullest emphasis on making the needed advances at speed and with effective results - at the cheapest possible financial and societal cost.
With respect to the establishment of a prosperous culture, we can place many aspirational goals. I believe that we should place the reasonable (as opposed to aspirational) concentrate on of almost doubling our real gross local product every t en years between 1990 and 2020 AD. If we do this, our GDP should be about eight times much larger by the year 2020 than it was at 1990. Our GDP in 1990 was 115 billion Ringgit. Our GDP in 2020 should therefore be about 920 billion Ringgit in real (1990 Ringgit) conditions.
This rapid expansion will require that people grow by typically about 7 % (in real terms) annually over the next 30 years. Admittedly this is on positive projection but we should set our places high if we are to inspire ourselves into striving hard. We must protect from 'growth fixation', the threat of pushing for growth statistics oblivious to the needed commitment to ensure balance, to keep inflation low, to ensure sustainability, to build up our quality of life and standard of living, and the success in our other social objectives. It'll be a difficult process, numerous peaks and low tips. But I assume that this is done.
In the 1960s, we grew by an total annual average of 5. 1 %; in the 1970s, the first decade of the NEP, Malaysia grew by an average of 7. 8 %; in the 1980s, as a result of recession years, we grew by an total annual average of 5. 9 %.
If we take the last thirty years, our GDP rose each year in real conditions by an average of 6. 3 per cent. If we take the last twenty years, we grew by an twelve-monthly average of 6. 9 per cent. What's needed is an additional 0. 1 % growth. Surely if we all move together God willing this 0. 1% can be achieved.
If we do be successful, and assuming around a 2. 5 per cent annual rate of people growth, by the year 2020, Malaysians will be four times richer (in real conditions) than these were in 1990. That is the measure of the prosperous population we wish and preferably we can achieve.
The second calf of our financial objective ought to be to secure the establishment of your competitive economy. This economy must have the ability to sustain itself within the long run, must be strong, solid and resilient. It must signify, among other things: A diversified and balanced market with a mature and widely structured industrial sector, a modern and mature agriculture sector and a competent and beneficial and an evenly mature services sector; an overall economy that is quick on its feet, able to quickly adapt to changing habits of source, demand and competition; an overall economy that is technologically skillful, fully able to adapt, innovate and invent, that is significantly technology intensive, moving in the path of higher and higher degrees of technology; an current economic climate that has strong and cohesive commercial linkages throughout the machine; an economy motivated by brain-power, skills and diligence in possession of a wealth of information, with the knowledge of what to do as well as how to get it done; an economy with high and escalating productivity in regards to to every factor of production; an entrepreneurial market that is self - reliant, outward - looking and enterprising; an market sustained by an exemplary work ethic, quality awareness and the quest for excellence; an current economic climate characterised by low inflation and an inexpensive of living; an current economic climate that is subjected to the full willpower and rigour of market makes.
Most of us in this present Council will never be there on the day of January 1, 2020 Not many, I think. The fantastic bulk of the work that must definitely be done to ensure a fully developed country called Malaysia a era from now will definitely be done by the leaders who follow us, by our children and grand-children. But we have to make sure that we have done our duty in guiding them with regard to what we should work to be. And why don't we lay the secure foundations that they need to build upon.
Since the early 1980s, we've stressed that this country will rely on the private sector as the primary engine of economical growth. In ways we were ahead of the remaining world, even the developed countries in entrusting financial progress to the private sector.
In the first years, our fledgling private sector could not fully respond to the task that was issued. Then emerged the unstable and difficult recession and slowdown years. However in the last 3 years the private sector has bloomed and responded. The coverage is currently bearing fruit. The outcome: in 1988, we grew in real terms by 8. 9 per cent; in 1989, by 8. 8 per cent; in 1990, by 9. 4 % without expansionary budgetting by the federal government. Even the tiger economies of North East Asia have never done so well.
No nation can afford to abandon a winning formula. And this nation won't. For the forseeable future, Malaysia will continue steadily to drive the private sector, to rely onto it as the primary engine of development.
In the meantime the federal government will continue to downsize of its role in neuro-scientific economic development and business. The State cannot of course retreat totally from the economic life of Malaysia. It will not abdicate its responsibility for overseeing and providing the legal and regulatory framework for rapid economic and social development.
The Federal government will be pro - dynamic to guarantee healthy fiscal and financial management and the clean performing of the Malaysian economy. It will escalate the introduction of the required physical infrastructure and the most conducive business environment - consistent using its other public priorities. And where absolutely neccessary the Government will not be so completly destined by its dedication to withdrawal from the financial role, that it will not intervene. It will play its role judiciously and positively.
The process of de-regulation will continue. There may be without doubt that polices are an essential area of the governance of modern culture, which the economy is a part. A state without laws and regulations is circumstances flirting with anarchy. Without order, there can be little business no development. What is not required is over regulation though it may well not be easy to choose when the Government is over regulating.
Wisdom is placed of course in the capability to recognize between those laws and regulations which are effective of our own societal objectives and the ones that are not; and it is based on making the right judgements in regards to to the trade - offs. Thus Government authorities will be neither foolish nor irresponsible, and can cater to the needs of the wider modern culture as well as the requirements of rapid expansion and a competitive, robust and resilient current economic climate. It will be guided by the knowledge that the freeing of business too - not only regulations, and state intervention - can contribute to the achievement of the wider social objectives. In such a light and given the actual fact that there are clear areas of unproductive rules which need to be phased out, you may expect the process of successful de- regulation to continue. The recent move of Loan company Negara to de-regulate the BLR routine is an example in point.
Privatisation will still be an important cornerstone of your countrywide development and nationwide efficiency strategy. This coverage is not founded on ideological belief. It is directed specifically at boosting competitiveness, efficiency and output throughout the market, at lowering the administrative and financial burdens on the Government with expediting the attainment of nationwide distributional goals.
In employing our privatisation insurance plan, the Government is fully aware of the necessity to protect general public interest, to ensure that the poor are provided access to essential services, to ensure that quality services are given at lowest cost, to avoid unproductive monopolistic methods and to ensure the welfare of staff.
There will be problems. No endeavour comes without a price tag. Nonetheless it is clear enough that policy has so far generated excellent results and we can get its execution to be accelerated in the foreseeable future. With the completion of the Privatisation Professional Plan Review, I believe lots of the bottlenecks and rigidities that obstruct the progress of the needed privatisation will be removed, thus accelerating its easy implementation.
There will maintain the years in advance an Accelerated Industrialisation Drive, a drive that's not predicated on a desire for industry but on the easy fact that if we want to develop rapidly -in a predicament where the developed economies will be moving out of industrialisation into a post - professional stage - this is actually the strategy to use. If we are to industrialise quickly, we should capitalise on our national strengths and forcefully handle our weaknesses.
In pursuit of this policy, the federal government will need to deal with the condition of a narrow manufacturing bottom part. In 1988, 63 % of total Malaysian produced exports came from the electrical power and electric and textile industries. Electronics alone accounted for 50 % of total manufactured exports. We should diversify.
Despite the most speedy development in the free trade zones insignificant demand has been made for local intermediate products. We will have to deal with the situation of weak commercial linkages.
There is inadequate development of indigenous technology. There exists too little value- added, too much simple assemblage and production. Gleam need to counter increasing production costs as a result of increasing costs of labour, recycleables and overheads by improving efficiency and efficiency. There's a serious shortage of skilled manpower. All these and many more issues will need to be tackled.
Small and medium size industries provide an important role to play in generating occupations, in strengthening professional linkages, in penetrating marketplaces and making export earnings. They have got a crucial role as a spawning floor for the delivery of tomorrow's business owners.
The Federal government will devise appropriate assistance techniques and will seek to raise the amount of management expertise, technological know-how and skills of the employees in this very important and in many ways neglected sector of our own economy.
The SMIs will be one of the principal foundations for our future industrial thrust. The Government is fully committed to its healthiest development.
Just as we should diversify the merchandise we export so must we diversify the markets we export to. Malaysian exporters must look also at the non - traditional markets. It will require new knowledge, new sites, new associates and new techniques towards dealing with unfamiliar laws, rules and legislation. It will be uncomfortable but it would be a mistake to consider that it's not well worth the discomfort to deal with these markets. Only they might be small but cumulatively the market of the expanding Asian, African and Latin America countries are big. If the developed countries think it is worth while to export to these markets then it must be well worth while for us also. THE FEDERAL GOVERNMENT will help but the private sector must play their part. Reliance on export- led growth is still the way to rapid expansion.
Entry into the world market pits our companies against all comers and topics them to the full drive of international competition. That is a challange we should accept not simply because the home market is too small but because over time it will actually enrich our local market and reduce our dependence on export.
We must persist with export-led development despite the global slowdown, despite the climb of protectionism, trade blocs and been able trade. If the going is tougher, we must not switch inward. We simply have no choice but to become more trim, more resourceful, more effective and generally more competitive, more able to take on the globe. 56. The liberalisation of the Malaysian overall economy has had beneficial final result and contributed towards a more dynamic progress.
Obviously, liberalisation must be undertaken responsibly and in stages so as never to create economic doubt and impose high structural adjustment costs. We should take in to the fullest account Malaysia's capacity to undertake liberalisation. We have to not dismiss the newborn industry debate, but we have to not bow to illegitimate pressure.
At once, productive liberalisation means that our private sector will be less reliant on manufactured income and on safety, which benefits some manufacturers at the trouble of consumers and other suppliers. Infants must expand up. They need to increase up to be durable and strong. And this can't be done if they're over-protected.
For reasons that are clear, the Government will continue to foster the inflow of international investment. That is essential for Malaysia's Accelerated Industrialisation Drive. Again, we won't abandon an absolute strategy. But we will fine-tune it to ensure that actions are in destination to ensure that Malaysia maximises the net benefit from the inflow of international investment.
In the past, the local private sector has typically failed to meet the targets set in successive Malaysia Programs. Apparently domestic investors feel that the federal government has not dedicated enough effort to the fostering of local investment as we've devoted to those from international. This is not completely true but we will redress the situation as we get better feed back again.
Small and medium size businesses must be assisted to grow bigger. Surplus personal savings and domestic capital must become more productively channeled into investments. Business people must be spawned. Where necessary, technological and training help must be extended; and infrastructural support must get.
It is worthwhile to stress again that the development that we need cannot happen minus the infrastructural underpinning. We must keep one step before demand and need. In the recent Budget, we obviously stated everything we can do in the shorter term. The 6th Malaysia Plan will make clear what we will do in the medium term while the second outline perspective Plan will indicate the path over the long term. The Government is fully aware of the infrastructure bottlenecks and of the need for massive assets in the years to come. We will not let progress to be retarded by abnormal congestion and investment indigestion, as has happened in many countries.
In our drive to go vigorously ahead there is nothing more important then your development of human resources.
From the knowledge in the last two decades of all economic miracles of the countries which may have been poor in conditions of "natural resources", it is blindingly clear that the main tool of any land should be the talents, skills, imagination and can of its people. What we've between our ears, at our elbow and inside our heart is a lot more important than what we've below our toes and all around us. Our people is our ultimate source of information. Without a doubt, in the 1990s and beyond, Malaysia must supply the fullest emphasis possible to the development of the ultimate source.
Malaysia has among the finest educational systems in the 3rd World. But for the journey that we must make over our second technology, new standards need to be set and new results achieved.
We cannot but aspire to the highest requirements in regards to to the skills of our people, with their devotion to knowhow and knowledge replacing and self-improvement, with their language competence, with their work behaviour and discipline, with their managerial abilities, to their achievement drive, their frame of mind towards excellence and the fostering of the entrepreneurial nature.
We cannot afford to neglect the value of entrepreneurship and entrepreneural development, which should go, of course beyond training and education. We should ensure the correct mix in regards to to professionals, sub-professionals, craftsmen and artisans, and the correct balance with regard to those with competence in science and technology, the a rts and sociable sciences.
In the development of human resources we cannot afford to neglect half the populace i. e. the Bumiputeras. If they're not brought in to the mainstream, if their potentials are not fully developed, if they're allowed to be a milestone around the national throat, then our progress is going to be retarded by that much. No nation can perform full progress with only half its recruiting harnessed. What may be considered a burden now can, with the right attitude and management be the force that lightens our burden and hasten our improvement. The Bumiputeras must play their part fully in the accomplishment of the national goal.
Inflation is the bane of most economic planners. Luckily for us except during the first oil surprise when inflation went up to 17%, Malaysia has were able to keep inflation low. We must continue to keep it low. THE FEDERAL GOVERNMENT, the business sector, and the individuals must be committed to keeping it low. The only real way to beat inflation is to live a life within one's means. If we can not afford we just don't buy. In Malaysia this can be done for we can produce pretty much all we are in need of in conditions of food, shelter and clothing. When just lately we'd a tough economy, life was bearable because we were able to buy our needs at approximately the same price i. e. we'd virtually no inflation. Now that we have more income, demand yank is slowly but surely forcing prices up. So although we may be more profitable now, although we might be financially wealthier now, however in terms of buying power we aren't as well-off as we should be.
The general public must know very well what causes inflation and must be disciplined enough to battle it. In some countries when inflation rates rise to thousands of % per year, Government authorities have been evolved again and again without inflation being included. Associated with that the people are not disciplined and ready to restrain themselves. No Federal can put a stop to inflation unless the people are ready to accept the soreness of austerity.
In the fight inflation nothing is more effective than education and willpower among the list of people.
In an interdependent trading world, the exchange rate plays a essential role. Too cheap a money will increase transfer bills and credit debt payment but it'll make exports competitive. However the full benefit of a minimal exchange rate on export can be negated by the cost of imported materials which go into the exported products. A high currency value will "enrich" our people, specifically in terms of buying imported luxuries but our exports will never be competitive and the market will eventually be adversely damaged.
Clearly the management of the exchange rate is of extreme importance to the improvement of our country. There is only a limited capability to control. In the final research it is how exactly we balance our trade that will regulate how our money is respected. Malaysia must learn to be competitive through higher productivity alternatively than through manipulating exchange rates. Again individuals must understand their role, especially in regards to to production.
In a world of high technology Malaysia cannot manage to lag at the rear of. We cannot maintain the front brand of modern tools but we should always try to catch up at least in those fields where we may have certain advantages. We have already used a National Plan of Action for Industrial Technology Development. This is the easy part. We should now carry on expeditiously to the enormously trial of execution.
The Government will surely supply the necessary commitment and leadership to this national endeavour. The institutional and support infrastructure will be put in place to ensure rapid, natural, focussed and market - motivated development of our technical capabilities. But let us never forget that technology is not for the laboratory but the manufacturing plant floor and the market. The private sector and our people must react. Far too usually the results of research are ignoured towards the proven moneyspinners. It's been said that the trick of Japan's success is its skill in making use of research results to marketable products. If we don't do that we will be left behind whatever may be the level of our technology.
While increasing our commercial making sector, Malaysia must ensure that our agriculture and services sector will not be neglected. We must advance. We must strive for efficiency, modernity and competitiveness. These should be the key guiding principles of our national plan towards agriculture, tourism and the fullest development of the whole services sector.
Nor can we manage to disregard the rural sector of our own economy and society. Inside the years ahead, we should work for a second rural development transformation, restructuring the villages to be able to be appropriate for both agriculture and modern industry. Less and less farmers should produce more and more food, thus launching manpower for an commercial society.
While doing all these we must also ensure our valuable natural resources aren't thrown away. Our land must remain beneficial and fertile, our atmosphere clear and clean, our normal water unpolluted, our forest resources capable of regeneration, in a position to deliver the needs of your national development. The beauty of our own land must not be desecrated - for it s own sake and then for our economic improvement.
In the info age that people are surviving in the Malaysian contemporary society must be information abundant. It could be no accident that there is today no rich, developed country that is information -poor and no information-rich country that is poor and undeveloped.
There was a period when land was the most fundamental basis of prosperity and wealth. Then came the next wave, age industrialisation. Smokestacks increased where the fields were once cultivated. Now, ever more, knowledge will not only be the foundation of ability but also prosperity. Again we must keep up. Already Malaysians are among the largest users of pcs in your community. Computer literacy is crucial if we want to progress and develop. No work must be spared in the creation of your information rich Malaysian world.
In international relations, the emphasis should be less on politics and ideology but more on economic imperatives. Small though we might be we should strive to impact the span of international trade. To increase we have to export. Our domestic market is much too small. It is important to us that free trade is retained. The pattern towards the proper execution ation of trading blocs will affect our progress and we must oppose it. We should therefore play our part rather than passively accept the dictates of those powerful nations who might not even notice what their decision have done to us.
A country without satisfactory economic defence functions and the capability to marshall impact and create coalitions in the international economical arena is an economically defenceless nation and an economically powerless state. This Malaysia cannot find the money for to be.
There are a great many other policies that must definitely be in place if we are to make the 1990s the most financially productive decade in our history. I want to end by talking about just one more: the need of earning Malaysia Incorporated a flourishing truth.
Let me stress not absolutely all collaboration between our consumer and private sector is justifiable or fruitful. In many areas there should be an extended arm's length way. But there can be no doubt that a productive partnership will take us a long way towards our dreams.
I have outlined what I believe will be the key economic insurance policies that should be in place to speed up our drive towards success and a competitive market. I want to now stress the role that the private sector must play.
This land cannot rely on the private sector as the principal engine of development if our private sector is inefficient and lethargic. You must be strong and active, robust and self-reliant, skilled and honest.
Malaysia cannot deregulate if bankers eventually act like banksters, if the freedom afforded to enterprise becomes simply licence to exploit without the sense of social responsibility. Our companies will need to have a higher sense of corporate and business duty. Our battle to ensure interpersonal justice - to uplift the positioning and competitiveness of the Bumiputeras and also to achieve the other cultural aims - must be your have difficulty too.
Privatisation should never carry on if its targets are defeated by those who think only of personal income without social responsibility. The Accelerated Industrialisation Drive and the try to rapidly develop our small and medium level establishments must be motivated by the venture of our internet marketers. They must anticipate to think long run, to endeavor forth into the competitive world marketplaces. The interest of overseas investment shouldn't be the duty of the federal government alone. The private sector too must indulge the foreign buyer in mutually beneficial partnership and joint endeavors for this will help him to assimilate more fully into the Malaysian market. And the duty of domestic buyers must be greater than that of their international counter - parts because Malaysia is our country, not theirs. We can ask ourselves to make a sacrifice for our country but we cannot expect foreigners to do it for all of us.
In the development of our recruiting, our private sector has the most important of roles that can be played. Train your own manpower. Equip them for his or her changing tasks. Take care of their hobbies. Upgrade their skills. Manage them well. And compensate them for their contribution.
There is actually a lot for everyone to do. Regrettably there is no simple one shot formulation for creating a nation. Many, many things must be achieved by many, many people. Plus they must be done as correctly as you can. We must anticipate to be self-critical and to be willing to make corrections. But God Willing we can be successful.