Responding to Comments – The New Economic Model
Late last month I had recorded my responses to a selected number of comments posted on my blog. I would like to share with you in the video below my response to a comment on the New Economic Model. Please continue to post your comments here and on Facebook; Insya-Allah I will read them and respond.
Comment: Dear PM, I wish that the new economy model should comprise a greater understanding of Malaysian economy and to undertake the importance of each individual’s contribution or commitment to nation’s progression. Therefore the model I would suggest is to implement participation economic model in securing the nation’s brain drain. Hence, we would be able to achieve vision 2020 without further impediment and every Malaysians would be proud to state that the nations belong to them without any setbacks.
Blog: Video Response To Blog Comments
Thank you, Shan. I will be unveiling the new economic model at the end of this month at Invest Malaysia.
There are some important principles and strategic thrusts that will underpin the new economic model, namely there will be great emphasis on creativity and innovation. I believe innovation is a very important element in terms of transforming Malaysia. The new economic model will also emphasise on more equitable opportunities so that each and every Malaysian will be able to realize his or her maximum potential. We will also identify new sources of growth, both in terms of where the growth is going to come from, plus looking at new markets. As you know, an important ingredient would be the ability of our administrative system to deliver and to be accountable for performance, and in this sense, this is also linked with our Government Transformation Programme, which seeks to transform the nation by making tremendous leaps and bounds in six very important strategic areas.
There are some difficult challenges to overcome. For example, how do we remove overdependence on subsidies, so that we can channel more resources towards more productive investment, and therefore increasing our economic performance, our GDP growth, but at the same time, be mindful of the fact that there are Malaysians, not only hardcore poor Malaysians but Malaysians who are relatively poor, the vulnerable groups. One of the essential elements of the new economic model is to look after the welfare of the people by increasing or strengthening the social safety net.
Above all, the entire philosophy and approach would be predicated on the concept of 1Malaysia, never forgetting that each and every ethnic group has and can play an important part in not only contributing towards Malaysia, but to strengthen national unity so that we become One People, One Nation, bound by a single vision.