Najib: Economy must be more open, flexible to achieve prosperity

KUALA LUMPUR (June 13, 2013): Malaysia must choose a flexible and open economy, engage more with regional partners, secure inward investments and open up industries to greater competition, in charting a path to a more prosperous future, Prime Minister Datuk Seri Najib Abdul Razak said today.

He said Malaysia must also strengthen domestic investment, build government-linked and private sector companies into global and regional champions, and give local small and medium-sized enterprises the means to compete on the world stage.

"That means building a sustainable economy, with an open market that allows for both stability and growth.
"And it means attracting and developing the talents needed to compete in a more connected world," he said when opening the Invest Malaysia 2013 conference here.

The Prime Minister also announced the introduction of multiple entry visas for up to five years for qualified business investors and fund managers to visit Malaysia.

Najib said the Economic Transformation Programme (ETP) has a definite vision of the kind of economy it is intended to create including stimulating foreign investment, boosting domestic demand and ensuring the rewards of sustainable growth are made available to all Malaysians.

"In the medium term, we must make our affirmative action programmes more market-friendly and meritocratic," he said, adding that Malaysia must concentrate on boosting domestic demand and productivity to offset dips in the country's major export markets.

Najib: Asia must collectively address challenges if region is to prosper

Najib delivering his keynote address at the 27th Asia-Pacific Roundtable.

 

KUALA LUMPUR: Asia must collectively address the challenges of development, sustainability and conflict if the region is to prosper in the coming decades said Prime Minister Datuk Seri Najib Tun Razak.

"We are writting the story of Asia; it may turn out to be the story of the century.

"We have a chance to make it one where all of our citizens are afforded the same rights and opportunities.

“To do this, we must confront three principal challenges," he said when delivering his keynote address at the 27th Asia-Pacific Roundtable on Monday.

Najib singled out climate change as the greatest challenge faced by Asia, which needs to be addressed globally in a united manner.

"In strategic terms, it is a 'threat multiplier': magnifying existing risks, increasing instability and making conflict more likely.

"Unless climate risks are controlled, competition for new resources, territorial change and disruption to trade patterns will the world manifestly unsafe," he added.