NEW ECONOMIC MODEL EMPHASISES MORE EQUITABLE OPPORTUNITIES FOR ALL, SAYS NAJIB

KUALA LUMPUR, March 26 (Bernama) --Malaysian prime minister Najib Razak said
the New Economic Model (NEM) would emphasise on more equitable opportunities so
that each and every Malaysian would be able to realise their maximum potential.

He said the government would also identify new sources of growth, both in
terms of where the growth was going to come from, plus looking at new markets.

He said under the NEM, to be unveiled at the end of this month, there would
be great emphasis on creativity and innovation.

"I believe innovation is a very important element in terms of transforming
Malaysia," he said in his 1Malaysia blog posting under "Responding to Comments -
The New Economic Model".

Stressing that all these were some of the important principles and strategic
thrusts that would underpin the NEM, Najib said an important ingredient would be
the ability of the administrative system to deliver and be accountable for its
performance.

"...and in this sense, this is also linked to our government's
Transformation Programme, which seeks to transform the nation by making
tremendous leaps and bounds in six very important strategic areas," he said.

Najib also pointed out that there were some difficult challenges to
overcome.

"For example, how do we remove overdependence on subsidies, so that we can
channel more resources towards more productive investment, and therefore
improve our economic performance, our GDP (Gross Domestic Product) growth, but
at the same time, be mindful of the fact that there are Malaysians, not only
hardcore poor Malaysians but Malaysians who are relatively poor, the vulnerable
groups," he said.

In this context, he said, one of the essential elements of the NEM
was to look after the welfare of the people by increasing or strengthening
the social safety net.

"Above all, the entire philosophy and approach would be predicated on the
concept of 1Malaysia, never forgetting that each and every ethnic group has and
can play an important part in not only contributing towards Malaysia, but in
strengthening national unity so that we become One People, One Nation, bound by
a single vision," he said.
-- BERNAMA