By NIZAM YATIM
As we all know, Malaysia has set its target as a developed nation with high income within a decade from now.
This has been stated by Prime Minister, Datuk Seri Najib Tun Razak when tabling the New Economic Model (NEM) that show the introduction of Economic Transformation Plan (ETP) with the aim of making Malaysia as high income nation which is inclusive and sustainable by 2020.
But are we capable of achieving the target if the socio-economic development is still juxtaposed by paradox pointing to the fact that it is still contradicting each other.
Among the paradox is that although the Gross Domestic Products (GDP) continues to grow at high rate, substantial part of the society feels that their standard of living is still low.
We too don’t want such paradox where the average incomes of the people in the country are on the rise and yet at the same time income of the majority, that is bumiputera are still far behind.
It is the endeavor to put an end to such paradox that revolve around the Khazanah Megatrends Forum (KMF) 2013 organized by Khazanah Nasional Berhad, lasted for two days beginning 30 Setp. 2013.
KMF is an annual prestigious business and economic forum in Malaysia that gathered the local and global intellectuals in Kuala Lumpur to discuss critical key issues.
The forum with a theme of “Growth with inclusion in an age of paradox: same game, new players” was held at the Kuala Lumpur International Convention Centre, attended by more than 800 participants specially invited and 40 penal members.
Managing Director of Khazanah, Tan Sri Azman Mokhtar in his welcoming speech stated that the paradox is a challenge in the government’s effort to create inclusive economic growth,
“The history of man is littered with such paradox and it is not just philosophical in nature and in fact it may involve the socio-economy which is practical in nature.
“At the panel session of KMF 2013, we discussed how to face the paradox to enable Malaysia to march with inclusive development which encompasses all social sectors because it is the only to ensure sustainable development.
“If this is not address, our foundation of economic progress may be unstable and unreliable,” he said.
Meanwhile, the KMF 2013 also discussed one fact about developing countries like Malaysia will not be able to catch up with much advanced countries like Britain, Japan, the United States and South Korea, regardless the high rate of its development.
It is just like the ancient Greek paradox that it Zeno Paradox which explains the hero of that century, Achilles which always fail to compete against a tortoise which walk much slower than it, simply because it walk much earlier.
To catch up with those countries, Malaysia cannot apt the same approach used by them. Instead, it should apply other method through innovation and creativity.
It is this method applied by the US to compete with Britain which has moved much earlier through the Industrial Revolution that saw the introduction of new machines to enable mass production.
Although at the outset it looked like aping Britain, the US carried out innovation to generate its economy including introducing electricity, telephone and vehicles which tremendously help the development of the country.
The success too is because the US introduced policies and rules which simplify the economic growth and enhance education level of the people to create skilled manpower.
One of the fact that should be realized is that Malaysia should avoid of being in the shoe of China and India which developed their economies speedily by copying every strategy used by the US, because it will not enable the two countries to the most advance.
Meanwhile, Finance Minister II, Datuk Seri Ahmad Husni Hanadzlah when officiating at the forum said that the effort of Malaysia to overcome this paradox would only be successful if it gained the support of both the people and the private sector.
“I am convinced that with the support of private companies, we will be able to enhance productivity and create economic activities that can create higher income,” he said.
At the same time, he said, the government would play its role to ensure that 67 percent of the bumiputera in the country would not be left behind.
In advance countries, the ethnic which formed the majority population hold dominant wealth.
“History has shown as that peace and stability will not be guaranteed if there is disparity in the country’s wealth,” he said.
He said it was the support of all the ethnic which contribute to the country’s vision as a high income nation.
Utusan Online - Malaysia - English Version
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