The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) organised a 1Malaysia Economic Conference on “New Economic Model” from 8th to 9th February 2010 at Kuala Lumpur Convention Centre, Kuala Lumpur. The conference was successfully held with some 1,047 participants attended the conference. TEEAM members were present to show support.
YAB Dato’ Sri Mohd Najib B Tun Hj Abdul Razak (Honorable Prime Minister of Malaysia) officiated the opening ceremony on 8th February 2010. The conference was endorsed by Ministry of Finance (MOF), Ministry of International Trade and Industry (MITI) and Economic Planning Unit (EPU) of the Prime Minister’s Department and supported by Malay Chamber of Commerce Malaysia (MCCM), Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI), Federation of Malaysian Manufacturers (FMM) and Malaysian International Chamber of Commerce and Industry (MICCI).
The 2-day conference covered the following sessions:
- Malaysia’s strategic position in the globally competitive market
- New economic model: prospects and challenges
- Entrepreneurship and joint-venture promotion in the new economic model
- Challenges after the global financial crisis
- Implementing the new economic model: the way forward and challenges
- Towards high income economy
- Private sector’s expectation to the new economic model
YAB Dato’ Sri Mohd Najib highlighted in his keynote address that China-ASEAN Free Trade Area (CAFTA) will challenge all ASEAN economies to structurally adjust and adapt, especially the private sector will need to raise its game in terms of being more efficient and to hone its ability to exploit the opportunities presented. The global environment has changed fundamentally and the Malaysian government will give serious consideration to mitigate the adverse effect felt by affected industries. The government will continue to adopt the spirit of openness in its policy formulation and will listen to all constructive proposals, especially in connection with the formulation of the new economic model and the 10th Malaysia Plan.
The new economic model and the 10th Malaysia Plan are the final push to achieve Vision 2020. There are three components, namely human capital, private capital and social capital which are essential to achieve the Vision 2020. YAB Dato’ Sri Mohd Najib encouraged employers, both public and private to provide opportunities for their employees to acquire skills and core competencies. The returns in terms of sales, profits and sustainability will be tremendous.
The government is in the process of streamlining institutions, policies and procedures to make it easier for investors to invest in Malaysia. A study by the World Bank shows that 60-80 per cent of a country’s wealth can be in the form of intangible assets such as proprietary technologies, intellectual property, brand names and institutions. Malaysia needs to do more to create the intangible assets because they are our competitive edge for the future. High income countries have high-value industries and corporations, whereby they have a high ratio of intangible investment. Subsidies for industries will be restructured and gradually phased out and greater domestic competition must occur. Nurturing of infant industries must be done differently and based on skills, technology, access to capital and marketing support and not on protection.
Social capital is to draw disparate communities closer together, build goodwill, trust and confidence among them and promote cooperation and partnership. It builds relationship and holds the nation together and makes for a dynamic and vibrant 1Malaysia.
ACCCIM President, YBhg Tan Sri William Cheng Heng Jem highlighted in his speech that government’s wisdom and prompt remedial actions towards the formula of society harmonisation are vital. The government may work closely with the local manufacturing industries and to assist them to enhance their productivity by providing them low interest loans and speeding up the process of computerisation, automation and mechanisation. Efforts should be intensified to attract more FDI (Foreign Direct Investment) and domestic investments through more extensive liberalisation not only in the manufacturing sector, but also in other sectors such as trade and services; transport and storage; communications and energy; real estate and health services etc. In the spirit of 1Malaysia concept, domestic investors irrespective of race should be nurtured and given opportunities in all aspects of economic endeavours.
Overwhelming response – Over 1,047 participants attended the conference.
For the album – (from left) Mr Lee Peng Sian (TEEAM Committee Member), Ir Yong Ah Huat (TEEAM Council Member), Dato’ Ir Lee Peng Joo (TEEAM Immediate Past President cum Adviser), Tan Sri Datuk Amar (Dr) Hj Abdul Aziz B Dato’ Hj Husain (Chairman of Eksons Corporation Berhad), Mr Michael Oan Cheng Hoe (TEEAM Council Member), Ir Rocky Wong Hon Thang (TEEAM Honorary Fellow cum Technical Adviser) and Ir Peter Lu Nguang Siong (TEEAM Member).