Minister: M'sia needs to strengthen domestic capabilities
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Tuesday, September 27, 2011
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KUALA LUMPUR, Sept 26 (Bernama) Malaysia needs to continuously strengthen its domestic capabilities to face the ever evolving global environment and adapt to the waves of regular uncertainties, Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said today.
"If we are to evolve and adapt to the relentless waves of uncertainty, we need people who are knowledgeable and brave enough to consistently and constantly make the case and drive the case for change.
"We need visionaries who will persistently ask, What is the imperative for change?" he said when opening Khazanah Megatrends Forum 2011, themed "Uncertainty as Normality: Navigation through complex interconnection", here.
He said Malaysia could not insulate itself from global developments, be it in terms of global economic cycles, greater competition or higher commodity prices.
Therefore, the country had introduced the Tenth Malaysia Plan (10MP) which seeks to encapsulate the economic imperative to unite and optimise the collective resources of Malaysia, as a nation, to compete for its place in the global community.
On a more micro level, even the way in which projects under the 10MP were decided upon was reflective of this notion, he added.
"We have moved to a two-year Rolling Development Budget as opposed to a five-year Development Budget. In previous Plans, the five-year Development Budget would remain as the sole Development Budget plan for the five year period.
"This move helps the government adjust to fluctuations or shocks to the economy by increasing the flexibility in the determination of projects for the nation," Nor Mohamed said.
He said a greater emphasis on domestic investment would also help insulate the nation from fluctuations in the global business cycle and to reduce dependency on external forces.
"We are not discouraging or placing an embargo on foreign investment. Rather, we are building domestic capacity and driving domestic demand to fuel the economy towards a high-income nation," he said said. = BERNAMA
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