HUMAN, PRIVATE & SOCIAL CAPITAL CRUCIAL TO REALISE M'SIA'S AMBITIONS, SAYS

KUALA LUMPUR, Feb 8 (Bernama) -- Human capital, private capital and social
capital are very essential for the success of the New Economic Model (NEM), the
10th and 11th Malaysia Plans and Vision 2020, says Malaysian prime minister
Najib Razak.

Without the three components, the nation's national ambitions were
unachieveable, he said.

He said the NEM, whose framework is to be unveiled at the end of next month,
and the two five-year development plans were the final push to attain Vision
2020 aimed at placing Malaysia on the world map as a developed nation.

"The three components are so essential that there is no way we can achieve
any of our ambitions without them," he said when opening the 1Malaysia Economic
Conference themed "1Malaysia-New Economic Model" at the Kuala Lumpur Convention
Centre Monday.

The two-day conference is hosted by the Associated Chinese Chambers of
Commerce and Industry of Malaysia (ACCCIM).

Najib stressed that human capital was one of the most crucial elements to
drive the economy forward but pointed out that he was not referring exclusively
to formal education, critical though this may be.

"We need to view human capital in a more holistic and comprehensive manner.
Employers, both public and private, must also provide opportunities for
their employees to acquire skills and core competencies," he said.

In this context, Najib said he reckoned that this would take sizeable
investments of time and money, but emphasised that if companies were prepared
to invest in their employees, the returns, in terms of sales profits and
sustainability, would be tremendous.

The prime minister said management and organisation systems and methods also
need to meet employees' aspirations and expectations.

"We cannot merely seek to command and control armies of order takers. We
must encourage creators, entrepreneurs and innovators at every level," he said.


Najib also said there were an estimated 300,000 to 500,000 Malaysians
currently living abroad, whom he described as the "best brains", incentives must
be found so that they could return and contribute to the nation.

On private capital, Najib, who is also Finance Minister, said the government
was ever mindful that more rigorous efforts had to be made, adding that results
over the past decades have been below the country's potential, both on the
domestic and foreign fronts.

"That is why I have made it one of my first priorities to remove the things
that shackle or disincentivise private investors. I am fully aware that
investors do not take kindly policy reversals and I want to assure you that
these efforts will continue under my administration," he said.

Najib also said the government was in the process of streamlining
institutions, policies and prodecures to make it easier for investors to invest.


On social capital, the third component of Malaysia's growth, the prime
minister said 1Malaysia was a rallying cry to all communities and classes in the
country to join hands and hearts to create a vibrant and socially-cohesive
nation.

"I am greatly saddened that such an idea, which is not terribly
complicated, is sometimes not understood. All Malaysians have and will continue
to have a stake in this country. Under 1Malaysia and under the Malaysia's sun,
no one should be marginalised.

"To me, social capital is simply anything that draws disparate communities
closer together, builds goodwill, trust and confidence among them and promotes
cooperation and partnership.

"In other words, social capital builds relationships. It is the cement that
holds this nation together," he said.

Najib also reminded the people that as the global environment had changed
fundamentally, Malaysians must do what was necessary to survive and they must do
it faster and better.

"If Malaysians do not do what is necessary to survive and thrive, and
recognise that the time for change has come, we run the risk of being left out
and left behind by others who will," he added.
-- BERNAMA