“First, we need a focused shift towards new industries. In particular, we must adapt to the global hashtag#technology landscape and establish ourselves as experts of the applications of breakthroughs in innovation and technology that will increase our economic productivity.

The second idea is economic complexity or diversification of the economy, via exports in agriculture, manufacturing or services because exporting to the world requires that whatever good or services we produce be globally competitive.

Hence, our economy must be as far along the technology and efficiency frontiers as possible.”
~ Datuk Seri Mohamed Azmin Ali, Economic Affairs Minister, Malaysia.

“We need to pursue economic diversification. Fiscal consolidation is a means towards fiscal hashtag#sustainability. But sustainability requires a reasonable level of economic growth.”
~ Lim Guan Eng, Finance Minister, Malaysia.

Malaysia’s Prime Minister delivered the closing speech on day 2, which wraps up the future direction of the government.

Closing Address by Tun Dr Mahathir

Part of Tun Dr M’s closing speech for Khazanah Megatrends Forum 2018:

We need to recalibrate. Do we get really something real when we talk about GDP and per capita income?

If there were 1,000 people and only one millionaire, the average income of the 1,000 is RM1,000.

But there is only one millionaire and the rest have no money at all. That is why we need to find other indicators of wealth of the nation.

If we go only by per capita income we may have equitability but in fact there is no equitability because the per capita income is due to the very high earning of the top few while the bottom have barely enough to buy food or to seek shelter with a roof over their head.

In order to do this, we need to have more professionals running government institutions and companies. We also should have good governance and management in the business sector

If we do this, I believe that we can develop the nation even faster. Malaysia will also be more open to the private sector and we will help to generate income, both from within and outside the country.

~ Tun Dr Mahathir, Khazanah Megatrends Forum 2018

ON BALANCE – Re-calibrating Markets, Firms, Society and People

From a spiritual perspective, the concept of Balance is found in a variety of faiths and traditions.

In the Islamic tradition, there is the concept of Al-Mizan, the Arabic word for Balance, which symbolizes the pursuit of justice and harmony in all endeavours, both in the world and the hereafter.

From Chinese philosophy, the yin yang describes how seemingly opposite notions or forces may be interconnected and interdependent with one another in the world. It expresses a sense of unity in duality, a Balance of forces.

In the Christian tradition, the Golden Rule – do unto others what you want others to do unto you – is also a manifestation of Balance; it is Balance in how we live with and treat one another.

For further info about this event, refer: https://www.kmf.com.my/concept-paper/

For press coverage, check out

https://www.thestar.com.my/business/business-news/2018/10/08/azmin-a-different-economic-logic-for-malaysia/

http://www.thesundaily.my/news/2018/10/08/malaysia-not-austerity-drive-just-spending-smart-lim

Reporting by Hazwan Faisal Mohamad dan Ayisy Yusof from NST

https://www.nst.com.my/news/nation/2018/10/419591/dr-m-we-need-new-indicators-measure-nations-wealth

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